- PayDay News
- Archive
- Page 8
Find a post
It’s time! Mandate Least Cost Routing ... properly, Ombudsman
The Australian Small Business and Family Business Ombudsman, Bruce Billson, has called for Least Cost Routing (LCR) of debit card payments to be mandated by the Reserve Bank of Australia, comparing the current system to expensive and unnecessary toll roads.
Governments across Australia scramble on surcharging after NSW unplugs “illegal” consumer fees
Scores of state and Federal government authorities across the country could have illegally surcharged Australians hundreds of millions of dollars to recoup merchant fees, following revelations that the New South Wales government has legal advice which indicates the practice is unlawful when applied to some government services.
Will a surcharge ban help big banks kill their competition?
A lucrative part of the fintech sector that provides competition to Australia’s dominant banks in payments has been upended by the Albanese government’s intention to put an end to rising debit card fees (and surcharging), and a looming Reserve Bank of Australia (RBA) review.
Recurring bill payments to help boost NPP real time migration
Shifting enterprise and recurring bill payments to the New Payments Platform (NPP) forms part of a plan to accelerate the migration of transactions onto the real time network, as the industry races towards the proposed closure of the Bulk Electronic Clearing System (BECS) in 2030.
