A consortium of Australia's largest banks is planning to develop a system for business to business B2B payment and information transfer over the internet. The five banks are National Australia Bank, Australia and New Zealand Banking Group ANZ, Westpac, Commonwealth Bank of Australia and St George.
Mike Irvine, head of business e-commerce at ANZ, says that a working group is now addressing issues such as digital certificate deployment, validation services and the possible use of payment warranties to guarantee the banks' payment instructions.
Irvine says that the proposed system will initiate payment in the B2B market but leverage off existing domestic payments infrastructure. Merchants will be able to create the obligation...
