For such a system to work – or any kind of RTP system, global or not - Dobson said many financial services groups need to step up for their customers, particularly around capability and infrastructure.
“What it also brings is this concept of ‘how resilient operationally are you?’ in order to fulfil an obligation that you will be on 24/7,” he said.
“Because the demands of 24/7 commerce are so extraordinary and such a step change.”
Dobson said participating businesses would need to change their operating model and acknowledge “you have to uplift your infrastructure and your human infrastructure as well”.
Perkins said with the access and speed RTP network provide also comes the opportunity for greater risk. At ANZ, the group is “putting just as much if not more emphasis into shoring up our risk environment,” he said.
“For me it's of equal importance," Perkins said. “We want to make sure that not only do we have an available service, but that it is secure, reliable and consistent for customers, and we can assure customers they're safe in transacting with us.”
The conversation also touched on the application machine learning around fraud and transaction security. Listen to the podcast above to find out more.
Jenny Hutchings is Head of Banks, Transaction Banking for Financial Institutions at ANZ