The Reserve Bank is "somewhat underwhelmed" by the progress some of the big banks are making with their implementation of the New Payments platform.RBA assistant governor Michele Bullock told delegates at the ASIC Annual Forum in Sydney yesterday that some of the majors have been slow to provide their customers with fast payment services."The majors have all taken different approaches to which functionality they will provide and which customers to bring on first," Bullock said."With some big banks slow to complete NPP-related changes to their internal systems, there remain large numbers of customers that do not have a full range of convenient options for initiating fast payments, even if their accounts can be reached by incoming fast payments."The value of the NPP to users is much lower than it could be if payment initiation and account reach were more progressed. That is, the positive network effects have been held back."In April, 16 million transactions were processed through the NPP with a value of $13 billion. About 70 financial institutions are making and receiving fast payments on the NPP.Bullock said this is small relative to the volume that passes through other retail payment systems but it is growing steadily.She said that growth rate was comparable to some new payment systems developed overseas.Bullock said the RBA was encouraging the big banks to increase their NPP functionality.