We were caught by surprise by last Friday’s announcement from our bank:
Payments made between banks will be processed hourly on weekdays. This means you, and those you pay, could receive money the same day payment is made
A bit more digging led to the discovery that (a) the initiative apparently came from the Reserve Bank; and (b) there are still a few inconsistencies in the way the new scheme operates. For example, “hourly” starts for Kiwibank at 9.45am and finishes at 2.45pm; however Westpac don’t operate with “hourly” until the afternoon, according to what we’ve been told. And no doubt the other banks will have their own timetables as well.
What this means, if you’re a Trade Me buyer, is that internet banking just moved a whole lot closer to real-time. Buy something in the morning and pay for it immediately by internet banking and you have a reasonable expectation that the seller will receive the money that same day.
Of course, for the seller, that means there’s an increased expectation that you will be in a position to despatch your product on the same day as well.
No pressure …
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