Payment industry warned to better infrastructure or face intervention

By Lorna Brett · 27 September 2011 · Locked

Payment industry warned to better infrastructure or face intervention

Full details: Payment industry warned to better infrastructure or face intervention

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Summary

An “unacceptable number” of payment system outages over the past 12 months has led the Reserve Bank of Australia’s (RBA) payment arm to warn the industry to boost innovation and stability or face regulatory intervention.

Tags: Australian Prudential Regulation Authority, bank system outages, Commonwealth Bank Glitch, EFTPOS, Josh Stollmann, NAB glitch, payment industry improvements, payment outages