The Fed is getting into the Real-Time payments business

Re:The Fed is getting into the Real-Time payments business by ggm on Monday August 05, 2019 @11:50PM (#20621968)

If you regularly need to move 250k sums electronically inside the Australian economy, using this kind of mechanism, I'd love to know what you're doing. Only because I am nosy: I cannot conceive of transactions on this level which demand NPP class behaviour.

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Re:The Fed is getting into the Real-Time payments business by obtino on Tuesday August 06, 2019 @01:54AM (#20622531)

> If you regularly need to move 250k sums electronically inside the Australian economy.

Paying sub-contractors, settling property transactions, the list goes on.

When buying a house, I remember having to withdraw $60k in cash from my savings bank account and walking over and depositing it in another because it would take the other bank 3 working days to clear a bank-cheque. Some banks do offer an over-night inter-bank mechanism, but surprisingly CommBank does not.

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Re:The Fed is getting into the Real-Time payments business by ggm on Tuesday August 06, 2019 @04:46AM (#20623417)

I don't think it was designed for what you want to do. Interesting problem: fast efficient payment of GST-incurring and other taxable money in a low doc manner.

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Re:The Fed is getting into the Real-Time payments business by zwkrt on Tuesday August 06, 2019 @12:54AM (#20622252)

I think the idea is that it is very common to transact in amounts >$1000. Rent, car payment, direct deposit, etc.

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