Are we being left behind by the banks?

Marius Coomans mcoomans@firmware.com.au
Thu, 3 Oct 1996 07:07:18 +1000


Like all development associated with the online world, and whether we like it or not, the U.S. will set the standards in electronic commerce. Australian business will be at a distinct disadvantage if it slow in the uptake of electronic commerce.  But will our banks be quick enough off the mark to offer the necessary services?

If Australian companies want to sell goods and services via the Internet with online credit card authorisation, they need a cooperative, competitive banking system.

Presently, when you talk to an Australian bank, they'll probably tell you Internet credit card transactions are not "allowed"(!?!). Banks seem focussed on allowing customers electronic access to their accounts. Beyond that, there seem to be few plans for infrastructure in the banks to deal with online business ventures.

It presently looks as though, the be competitive, Australian companies need to look towards the US banking system for the services required. Even then, we may run into some barrier like not being able to use a particular encryption system across national boundaries.

Yes, I realise that even in the U.S., things are still at a comperitively rudimentary stage, but are we all sitting on our hands here?  The recent Commerce day at AUUG was well organised and had interesting speakers but it did little beyond re-stating the problems. Banks seemed out of the action.

Or am I missing something?





Marius Coomans                  Firmware Publishing Pty Ltd
Phone +61 47 217 211            Firmware Design Pty Ltd
Fax   +61 47 217 215            28 Coombes Drive Penrith NSW 2750
marius@firmware.com.au          Australia
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