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READ MOREAustralian banks hit with payment transfer outage as RBA blames technical error
The Reserve Bank has said an internal system engineering issue caused a four-hour industry-wide bank payment transfer outage that left customers in the lurch.
The RBA confirmed the issue affected its fast settlement service which provides for the settlement of New Payments Platform (NPP) transactions between banks.
The Osko payment system, which operates on the NPP, was introduced to allow near-immediate online bank transfers around the clock.
Through PayID, it allows users to plug in phone numbers and emails to send money rather than bank details. It is used by more than 85 banks across Australia.
Read more at The Guardian
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