• Let's Talk Payments, Tuesday, December 9, 2014 12:41 PM

Four large banks and eight other financial institutions in Australia are planning to build a more efficient network for real-time payments. The target is to make the new network robust enough so that transfers can be made both from mobile devices and fixed computers as well. With the new network in place, businesses would be able to receive money at the moment of purchase itself instead of waiting for days and sometimes even weeks. Swift, a Belgium based company also known as Society for Worldwide Interbank Financial Telecommunication system, is building the new network in Australia.

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