Australian businesses need to 'catch up' on payment systems

Australian companies could be missing a trick by persevering with outdated payment methods.

With money so tight for many firms, a lot of organisations have been forced to take out business loans or other credit agreements. But could enterprises be more profitable if they adopted more up to date ways of completing transactions?

The Reserve Bank of Australia (RBA) certainly thinks that companies should be catering for people who want to take advantage of real-time money transfers.

With so many Aussies using online banking these days, it makes sense for organisations to offer speedy payment solutions. If they don't, people will simply look elsewhere.

RBA governor Glenn Stevens said that Australian firms are in danger of falling way behind their rivals in other nations.

"With systems for real-time transfers available in countries ranging from the United Kingdom to Mexico, Australia's approach is starting to look a bit dated," he remarked, before adding that there is "enormous potential" for innovation if real-time payment solutions are introduced throughout the country.

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