After failing to be ready to switch on new payment functionality last year, NAB, ANZ and Westpac say they will be ready in April.
National Australia Bank, ANZ and Westpac, who missed a deadline last year to activate new payment functionality known as PayTo, have committed to hit the Reserve Bank’s revised deadline of April, as start-ups push for precise dates to encourage merchants to begin integration work.
Delays at the three majors frustrated RBA governor Philip Lowe, who is keen to see payments innovation and lower costs for businesses. They also triggered an enforcement action from NPP Australia, which governs the real-time infrastructure. But start-ups building for PayTo want the three banks to be more specific on their go-live dates as they try to engage with merchants to enable the new system.“Some of our clients might be willing and able to do the PayTo integration work, but they are often holding back, saying while it is impressive that CBA is live, it is not worthwhile until one or two other big four banks are up and running,” said Monoova CEO Christian Westerlind Wigstrom.
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