Internet banking moves forward

Banking took another step into the digital age this week, with the Australian Payments Clearing Association (APCA) announcing steps to ensure secure transactions between banks over the internet.

On Tuesday, the APCA announced contracts for a national framework of digital certificates that would then allow financial institutions to certify their customers to perform a wider range of financial transactions on the internet, such as transfer funds to an account at another bank, or to another person’s account.

The contract for the design of the certification system has been awarded to UK company Baltimore Pty Ltd. However, don’t expect to see these services appear in the near future. Dr Peter Smith, CEO of the APCA, has indicated that it is a pre-emptory action, and that at the moment “there’s nothing in front of us right now to indicate it will happen soon.”

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