Instant bank account transfers coming soon

Banking customers will soon get instant real time payment transfers and say farewell to lengthy delays when completing transfers between institutions.

The creation of a new centralised payments hub to control the processing of debit payments will remove delays of up to 48 hours when completing online and mobile banking transactions between payers and payees at different institutions.

The Australian Payments and Clearing Association's chief executive, Chris Hamilton, says work has already begun on a new central payments hub which will hopefully be completed in 2016.

“It's a piece of infrastructure that is going to be a way of very efficiently connecting every or as many authorised deposit-taking institutions (ADI) in Australia with every other ADI.”

Source: Herald Sun