Australian Payments Plus has published a new whitepaper on the growing importance of real-time payments for businesses and customers in Australia.
Following this announcement, the whitepaper outlines the manner in which Australian businesses are increasingly turning to real-time payments in order to improve cash flow, optimise customer experiences, and unlock new levels of productivity and development.
In addition, the publication also highlights the need for businesses to start planning ahead of major reforms, like the proposed payday reforms and the proposed future retirement of Australia’s legacy payments infrastructure, the Bulk Electronic Clearing System (BECS).
More information on the announcement
According to the official press release, included in the key ideas from the report are the time and resource savings (as multiple companies reported spending less time chasing payments or resolving errors), optimised protection and security (as payment methods such as PayID are reducing the overall need to store sensitive banking details, while solutions such as PayTo improve payment security by ensuring that clients authorise a payment in their online banking), as well as improved customer experience and optimised cash flow (real-time payment and settlement aim to optimise the manner in which businesses reduce the liquidity contrants that are associated with traditional payment methods, while also providing companies with an accurate picture of their cash position).
In addition, real-time payments are also enabling more secure and faster payroll corrections, as well as emergency payments and last-minute supplier transfers, reducing risks, and improving agility.
