BPay has sent out a request for information to help the bank-owned firm devise a solution for the real time payments processing hub that the Reserve Bank of Australia is pushing the industry to establish.
The Financial Review reported that BPay send out the request in relation to what it calls the Australian Information and Payments Network.
BPay told the AFR the project would draw on aspects of the abandoned Mambo project, which folded last year.
CSC was the systems integrator for that project.
The RBA sets out its vision for coordinated investment by banks in payments processing in June. It wants the industry to deliver genuine real time payments by the end of 2016. The RBA is agnostic about which industry entity might establish the hub and has flagged a willingness to invest itself in the project if required.
A retail payments hub could serve as a central database of "address" information for payees and also handle the delivery of better remittance information.
- Banks seek options for payments hub
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01 October 2012 7:10am
