[LINK] The New Payments Platform (NPP)

[Tom Cleary]

Or is it the first move to take Banks out of the liability chain for
"small transactions"?

Since the "bad guys" are using overwhelming floods of small value
fraud to avoid being caught by Bank alerting on transaction value, and
the fixed cost to the Banks of each fraud investigation is high and
rising, perhaps formalising a precedent for passing the loss to
customers and repudiating any liability or accountability for Banks
redress these losses is the plan?

How is Police budget growth looking?   :-(

tom.

On 12/28/16, David Lochrin <dlochrin at key.net.au> wrote:
> On Wednesday 28 December 2016 13:55:01 sylvano wrote:
>
>> Given the banks' ESA looks to be driven by the Reserve Bank, then it
>> should be fine, yes?
>>
>> http://www.rba.gov.au/payments-and-infrastructure/esa/
>
> On my brief skimming of the above, it seems an ESA's risk is assessed by
> APRA but its liabilities are not guaranteed by either APRA or the Reserve
> Bank, and presumably not by the actual banks either.
>
>> The facility to pay anyone instantly via their mobile number or email
>> address is very appealing.
>
> Why so?  How many payments would you make by bank-to-bank transfer instead
> of cash, pay-wave, or other credit account transaction, or bank cheque?
>
> Perhaps it's all part of an attempt to white-ant the cash economy?
>
> Your's in paranoia,
> David L.
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