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Banks get with the times

  • Banks get with the timesImage: MML

Pay or receive money from anyone without a BSB

Customers of three of the big four banks will be able to have money transfers settle in less than a minute.

It's a new payment system that will revolutionise and simplify money transfers.

The Commonwealth Bank, Westpac and NAB have begun rolling out the near real-time payment system while the ANZ is doing some final testing.

“You can link it to your phone number, you don’t need to know people’s BSB or account numbers.” - Mark Willianms

Experts say the new payment platform is a landmark change to infrastructure.

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Mark Williams, chief development officer at BPAY group, told 3AW Breakfast it would make it a lot easier, and quicker, to do money transfers.

“So what the new payment platform does is it allows you to do that (transfer money) between banks,” he said.