Aussie Banks Will Ditch The Worst Part Of Fanging Your M8s Cash In Jan

The era of asking your mate for their BSB and account number so you can pay them for those festival tickets – only for them to continually pester to you as to whether or not you actually transferred the dosh – looks like it’ll be coming to an end real soon.

According to a report in the Sydney Morning Herald, the much-coveted prospect of real-time money transfers between different financial institutions may be a reality as soon as January 26 next year. A new payments system developed across Australian financial institutions, which will allow you to send money instantly without the use of pesky BSBs is “on track” for launch.

The so-called ‘new payments platform’ will reportedly allow you to send money using something called a PayID – which could be a username or your phone number. Now you’ve got no bloody excuse for fanging over some coins after you somehow managed to avoid paying for a shout for an entire Friday night.

Chief executive of NPP Australia Adrian Lovney told the SMH that the system will roll out on a trial basis to employees of Australia’s financial institutions as early as next month. NPP Australia is the organisation overseeing the system and is owned by the 13 banks funding the $1 billion project.

“Our aim was to be live in the last quarter of 2017; we’re on track to do that,” Lovney told the SMH.

The project has been discussed on the backchannels and in the media for a fair while now – and it is well overdue – but this is the first time we’ve had a really concrete suggestion that it’s on track and looking like it’ll launch. Happy days!