With complex processes and multiple parties, determining the costs of payments can be difficult. In recent years, the Reserve Bank of Australia (RBA) has taken up the challenge and released a research report on the cost of payments in Australia. This represents a long-awaited follow up to research last done in 2006. The most recent RBA report dated December 2014 draws upon data collected in 2013 from financial institutions, businesses and consumers and seeks to quantify the overall cost of payments and the cost of various payment methods. This includes both “resource costs” (the costs to the whole economy) and “private costs” (the costs borne by consumers, merchants and financial institutions respectively).
The Australian Payments Council is inviting organisations with an interest in payments to be part of its Challenge Design Workshop at the Spark Festival Sydney on Friday, 28 October 2016.
The workshop will focus on designing a range of challenges to be used in a hackathon early next year. It will give a range of organisations – large and small – a chance to discuss the wider benefits of making data available.
Next year’s hackathon will demonstrate that sharing data can lead to creation of new customer-facing services.
Using data provided by a number of financial institutions, a retailer, and the payment schemes – this hackathon will help inform the industry’s approach to APIs.
Prizes will be awarded to top teams, as judged by the Council and major FinTech representatives.
The Spark Festival
From the 22nd to the 30th of October, the Sydney start-up ecosystem comes alive with a nine-day celebration of innovation and the culture of entrepreneurship. This diverse and inclusive program of events, many of them free, showcases the creativity and energy across the exciting start-up sector.
With over 90 events and activities spanning 14 different tracks, the Spark Festival program invites you to take a look at what’s happening across the entire start-up ecosystem. Click here for more info.