04 July 2012 6:58am

IP Payments, which provides technology to facilitate A$12 billion worth of payments each year in Australia, has called on the Reserve Bank to be more explicit about exactly who might be able to connect to its proposed payments hub, warning that unless access to the hub is open to all payments service providers, banking competition in Australia will remain limited.

Jamie Collins, a founder and managing director of Sydney-based IP Payments, said that at present to facilitate payments in Australia it was necessary to connect to each bank’s payments hub. A centralised hub could...