Pay or receive money from anyone without a BSB
Customers of three of the big four banks will be able to have money transfers settle in less than a minute.
It's a new payment system that will revolutionise and simplify money transfers.
The Commonwealth Bank, Westpac and NAB have begun rolling out the near real-time payment system while the ANZ is doing some final testing.
“You can link it to your phone number, you don’t need to know people’s BSB or account numbers.” - Mark Willianms
Experts say the new payment platform is a landmark change to infrastructure.