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Customer owned banking embracing new tech


COBA welcomes the New Payments Platform starting today which allows Australian bank customers to make and receive real-time payments anytime.

The customer owned banking sector is proud to be part of this major development in banking.

“Our sector today proves yet again that it is embracing innovation and delivering for customers,” COBA CEO Michael Lawrence said.

“We have a proud history of investing in technology and new ways of doing business to benefit our customers, from being the original peer to peer lender, to our adoption of a national ATM network, and more recently investment in Apple Pay and Android Pay.

“Customer owned banking institutions are delivering digital banking products that meet consumer demand, backed by market leading customer service.

“The NPP will allow Australians to transfer funds between different bank accounts instantly, meaning no more waiting days for funds to clear.

“By using a PayID, which can be an email address or mobile number, consumers will be able to send money, without the need to remember a BSB or account number.

“The customer owned banking sector recognises the opportunity this new way of doing banking will allow even more convenience for its customers."

Media Release122.96 KB

For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies.  See www.customerownedbanking.asn.au


Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
Email Mickcontact-arrow

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