Australian firms rush to plan real-time payments shift

Australian Payments Plus and Crisil Coalition Greenwich have published research showing rising adoption of real-time payments among large Australian companies. The study found that 43% of surveyed organisations have started planning their transition.

The findings indicate a sharp rise in awareness across corporate Australia. Nearly three-quarters of the 682 large organisations surveyed said they were aware of the shift to real-time payments, up from 51% a year earlier.

Planning activity also increased sharply. The share of large companies that had started preparing for the move rose from 29% to 43%, suggesting more finance and treasury teams are moving beyond initial awareness.

Businesses increasingly see the change as part of a broader overhaul of payment operations rather than a narrow upgrade focused only on speeding up transactions. Respondents cited improved cash flow management, better payment visibility, simpler reconciliation and stronger payment controls as the main reasons for interest.

Large companies with higher turnover were further ahead. Among corporates with annual turnover of AUD $1 billion or more, 48% had begun planning for the transition, compared with 28% of organisations with turnover below AUD $1 billion.

Different stages

Readiness varied among those already preparing. The study found that 19% said their transition was complete or underway, 37% were actively planning and preparing, and 44% were still in the early stages.

The spread suggests many organisations are still working through practical questions around systems, workflows and internal change. Integration with enterprise resource planning platforms, treasury management systems and existing payment processes emerged as a central planning issue.

Businesses also said the transition extended beyond technology. Many respondents were considering risk management, internal controls and how to build the investment case as they developed their plans.

The New Payments Platform featured prominently in the research. The system now processes almost $9 billion in payments each day and 1.97 billion transactions a year, underscoring the scale of the infrastructure already in use.

Respondents saw the platform's use of ISO 20022 as an important factor in the transition. They linked the standard to more automated, data-rich payment processes and closer alignment with payment systems in other markets.

Another feature highlighted was Confirmation of Payee. Respondents said the tool could improve payment controls by giving organisations more confidence that money is being sent to the intended recipient.

Role of partners

The study also highlighted the role of banks and technology providers in helping companies prepare for the change. Many organisations appear to be relying on external partners as they assess system changes, operational impacts and migration timing.

AP+ Chief Executive Officer Lynn Kraus said the research showed a broader shift in corporate attitudes to payments.

"Finance and treasury leaders are telling us this is about much more than speed. They see real-time payments as a way to strengthen liquidity management, automate finance operations and deliver better payment experiences - whether that's greater certainty that employees are paid on time or removing the pressure of month-end cut-off times," Kraus said.

Companies further along in the process are already looking at wider operational effects, according to Ian Andrews, Senior Relationship Manager at Crisil Coalition Greenwich. "Momentum is clearly building. More organisations are moving from awareness into active planning, and those furthest along are already thinking about how real-time payments can transform their back office," Andrews said.

The research suggests real-time payments are increasingly being treated as a whole-of-business issue. Potential gains identified by respondents extended across finance and treasury functions, as well as payments to employees and suppliers and the service offered to customers.

That broader framing may help explain why planning is spreading even among companies that have not yet begun implementation. For many, the move appears tied to day-to-day operating models, including when staff are paid, how supplier obligations are managed and how quickly finance teams can see and reconcile cash movements.

Andrews said the transition was no longer being viewed as a limited payments project.

"It is becoming increasingly clear that companies view the transition to real-time payments as an organisation-wide transformation rather than a standalone initiative," he said.

Kraus said outside support would be important for companies starting the process. "Banks and technology partners are playing an important role in helping organisations understand the opportunity. For corporates starting their journey, our message is to engage partners early, build a roadmap and let business outcomes drive the transition," she said.