Australia is slowly but surely transitioning into a digital society as businesses start accepting new payments platform to guarantee their customer satisfaction.
“The direct entry system is a great system, it works well, it is cheap, it is functional and it has done its job for the last 40 years but it is not the system that Australia needs to move through another 40 years of innovation in the payments industry and accounting and bookkeeping industry,” said Mr. Lovney.
“There are now more than 70 organisations live on the new payments platform and the last of the big banks, Westpac, is part way through their rollout,” said Mr. Lovney.
“We’re working with the tax office and organisations like MYOB to think about developing standards for different sorts of payments, for superannuation payments, for payroll and particularly for Single Touch Payroll.
“We also think the NPP will be used by the insurance industry, both the receiving premiums but also for making fast payments so the ability to receive a claim online, assess it and make a decision and make a payout to a customer's bank account is a real practical example of how, with digital technology and with a faster payments system, you can make more customers happier more quickly.”
“Australians will no longer have to wait for bank transfers and payments to arrive in their account,” he said at the time.
Without a doubt, moving to new-age systems --- eInvoicing helps every kind of organisations and not just businesses alone. It can serve as the catalyst for the digitalisation of Australia, leading it to success in the new, international, digital-first world of business.
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