So what’s all the fuss about ?

The Reserve Bank of Australia has invested in a real-time banking system. Finetech revolution Seige/ Block chain This is where the term ‘distributed ledger’ comes from when used to describe blockchain. It’s a shared, trusted public ledger no single organisation controls and everyone can read. These distributed ledgers are protected with advanced cryptography which ensures the authenticity of the contents of the ledger.

Banks all over Australia are part of this New Payments Platform and must be compliant. This New Payments Platform (NPP), built by the organisation which runs the SWIFT payment network, will allow interbank transfers in Australia to happen instantly.