RBA's Lowe: payments providers must cooperate
There is a strong case to re-examine the balance that has been struck in the Australian payments system between competition and cooperation, said Philip Lowe, an assistant governor of country's central bank.
Lowe said that financial institutions had been very good at competing on developing payment products using the existing infrastructure, but that they had not been so good at cooperating to ensure that the infrastructure was improved over time.
"Ideally, we would have world-class payment
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