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Banks roll out near real-time payment system to revolutionise and simplify money transfers

Customers of three of the big four banks will be able to have money transfers settle in less than a minute from today.

The Commonwealth Bank, Westpac and NAB will begin rolling out the near real-time payment system from today while the ANZ is doing some final testing.

Experts say the new payment platform is a landmark change to infrastructure.

Mark Williams, chief development officer at BPAY group, told 3AW Breakfast it would make it a lot easier, and quicker, to do money transfers.

“So what the new payment platform does is it allows you to do that (transfer money) between banks,” he said.

“You can link it to your phone number, you don’t need to know people’s BSB or account numbers.”

Click PLAY to hear the full explanation on 3AW Breakfast