Although Australian banks are introducing their own tech solutions, start-up digital players are making inroads with the help of a new government-backed incubator.
Banks have been experimenting with Ripple’s technology, which could make payments far more efficient, but a recent report questions whether it can handle larger volumes.
With the help of ANZ bank, China’s largest cereal processor and trader has undertaken a bank payment obligation. It also marks the first deal of its type involving an Australian bank.
Singapore Airlines has introduced a programme through RBS to allow customers to pay in any of six currencies and to know the price in each currency that they will be billed in.
BHP Billiton and Xiangguang Copper have transacted a first of a kind back-to-back electronic letter of credit over Bolero, shaving 20 days off a typical transaction.