*Instant = "finalised within one minute"
What do you think? Security?
"The New Payment Platform system acts like a secure network between two separate banks such as National Australia Bank and Commonwealth Bank."
I think it's about time. I personally thought it was ridiculous that I had to wait 2 days for inter-bank transfers. It was the exact reason I invested in Ripple.
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PICKLE RICK!!!!!
Only 20 years too late!
So is this the banks moving to use cryptos but not saying too much?
It’ll be interesting to see how it’s rolled out by each bank, as you touched on there is a security risk associated with this new feature.
Currently if you transfer from a Commonwealth Bank account to another for the first time your funds appear in the other persons account immediately, however they’re in a secure hold until usually 6am the following day. One you have them in your payers list then your transfers to them become truely instant. This allows time for the owner of the account to hopefully pickup whether an unauthorised transaction has taken place.
Either way it’s a very welcomed changed, I hope PayPal will be on the early adopter list!
This also opens the door for real time credit card payments (and refunds!)
365 days, including public holidays and weekends, good move and about time.
Yeah about time indeed! In U.K. they have faster payment that is usually instant or within 2 hours. Australia transfers are outdated and is need of this upgrade.