Banks will miss major deadline for real-time payment system upgrade

Three of the four major banks cannot hit an end-of-June deadline for an important upgrade to the real-time payment system, which could trigger sanctions from the governing body and points to strained resourcing of major bank technology teams.

Payment industry sources said ANZ Bank, National Australia Bank and Westpac would not hit the June 30 date for switching on a new service known as PayTo, the biggest lift in functionality since the “new payments platform”, a real-time debit network, turned on in 2019.