1 month, 17 days ago

Reserve Bank of Australia: Collaborating to Build and Leverage the New Payments Platform

Link: https://cisr.mit.edu/publication/MIT_CISRwp456_RBA-NPP_Sebastian

Abstract:

In 2020, massive bushfires took an unprecedented toll in Australia. The Reserve Bank of Australia (RBA) and the government agency Services Australia collaborated to distribute more than AUD$233 million in disaster recovery payments directly to citizens’ bank accounts in minutes. To issue these rapid payments, they leveraged a new real-time payments system, the New Payments Platform (NPP), that an industry collaboration of thirteen Australian banks, including RBA, launched in 2018. This case vignette describes how the organizations collaborated to build the NPP, and how RBA collaborated with Services Australia in leveraging the platform to provide a new digital service to Australian citizens. This vignette will be part of a series of stories that illustrate how companies coordinate ecosystem collaborations.

Publication date:

Publication type: Working Paper, Vignette

Publication authors:
Ina M. Sebastian