Australian banks plot B2B payment dominance

Australia''s five largest banks are looking to develop B2B payment capabilities over the internet, but are they just staking out their territory?

A consortium of Australia's largest banks is planning to develop a system for business to business B2B payment and information transfer over the internet. The five banks are National Australia Bank, Australia and New Zealand Banking Group ANZ, Westpac, Commonwealth Bank of Australia and St George.

Mike Irvine, head of business e-commerce at ANZ, says that a working group is now addressing issues such as digital certificate deployment, validation services and the possible use of payment warranties...

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