When you need money, there is nothing more annoying than having to wait 24-hours for money sent via electronic funds transfer to clear into your account when you know that the bank is holding onto it. Within four years a number of products and procedures will be introduced into the banking sector which will allow for real-time payments between banks according to the Reserve Bank of Australia.
Four years does seem a long time to wait for such improvements to the whole system, but there is no easy fix as Australia does not have a central payment clearing house like other nations. So, until the banks can fasten up the transaction process, we will be stuck with our current slow processing system as it is only as fast as its slowest participant.
The Commonwealth Bank is currently the technological leader of the big four banks and already processes intra-bank transactions in real time. You can expect the others to follow suit by the end of 2012 as they upgrade their systems.
Easier online payments
Transferring money to someone else’s bank account can be difficult at times, but not anymore! A number of the leading banks including Commonwealth Bank, St George and ANZ have launched apps or products which allow you to send money from your bank account to another person by simply using their mobile phone number. Sounds dodgy right? Well, it isn’t! Debbie and I tested the system yesterday. The process was relatively easy as it took Debbie 30 seconds to send the money and provide me with my pickup code. All I had to do then was click the link and enter my bank details and claim code to finish the transaction. The money arrived in my bank account this morning. You can expect all the major banks to have this facility in place by the end of 2012.
Over the next year, you can expect to see more and more transactions using mobile phone plugins and apps. For example, if you organised a cleaning company to tidy up your house, at the end of the visit they could accept payment by using either a mobile application provided by their bank or a device attached to the phone which looks similar to the regular EFTPOS machines.