Australian regulator presses banks to update online payments tech

FILE PHOTO: Two women walk next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz

SYDNEY (Reuters) - Australia's central bank is pressing the country's commercial banks to meet deadlines on new payments systems that will make it easier and cheaper for customers to set up direct debits and to transfer money internationally.

In a speech on Tuesday, the Reserve Bank of Australia's (RBA) head of payments policy Ellis Connolly said some major banks had recently indicated they would be unable to meet a commitment to launch a new PayTo system for direct debits by July.