PayTo front and centre at Real Time Payments Summit 21/22

The potential of PayTo was on full display at this year’s inaugural Real Time Payments Summit – “More than just speed”, held by NPP Australia in Sydney on Tuesday, 3 May.  

Nearly 400 people attended the Summit in person, with 180 joining virtually, to listen to an agenda packed with speakers and panellists who dived into the potential of real-time payments on the NPP.  

Head of Payments Policy at the Reserve Bank of Australia (RBA), Ellis Connolly, provided the RBA’s perspective on real-time payments in Australia.   

He reflected on the significant progress made in the past 10 years to bring data-rich real-time payments to Australia and reaffirmed the RBA’s expectation that the industry would continue to focus on implementing the NPP roadmap, as well as encouraging the use of PayIDs.  

Mr Connolly also revealed that the RBA had written to Australia’s major Banks seeking their reassurance that they will support the implementation of PayTo, which is currently on track to switch on from 30 June this year and commence rolling out in coming months.  

Throughout the day, PayTo remained a central topic at the summit. NPP Australia’s Katrina Stuart described it as the centrepiece of the NPP Roadmap, and panel discussions unpacked how PayTo will deliver leading edge payments innovation and customer experiences, while driving significant business and corporate operational efficiencies. 

 NPP Australia would like to again thank all of our sponsors for their generous support to make the inaugural Real Time Payments Summit a reality.   

In particular, thank you to our Platinum sponsor, Cuscal; Gold sponsors, NAB, Zepto and Swift; and Silver sponsors ANZ, CBA, FIS and Monoova and Westpac. 

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