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 to guarantee the banks' payment instructions.

Irvine says that the proposed system will initiate payment in the B2B market but leverage off existing domestic payments infrastructure. Merchants will be able to create the obligation...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222