Archive: June 28, 2019

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The RBA Gets Punitive: Penalties Recommended for Delaying New Payments Platform Participants

The RBA Gets Punitive: Penalties Recommended for Delaying New Payments Platform Participants

By Jim Bulling and Charles McDonald

On 13 June 2019, the Reserve Bank of Australia (RBA) released its paper into the New Payments Platform’s Functionality and Access (Paper). In it, the RBA expressed disappointment with the slow roll out of New Payments Platform’s (NPP) services and functionality. As a consequence, the RBA will continue to push the major banks to prioritise the roll-out of services to their customers to address functionality gaps as quickly as possible. The Paper also recommends that NPP Australia Ltd (as operator of the platform) should:

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