Issue 6

In recognition of the growing importance of innovative 'on-the-go' banking options to customers, Australian banks have increasingly turned their focus towards the development of full service portable platforms such as mobile banking. Such platforms make it even easier for consumers to access their mobile banking site and subsequently make online bill payments via BPAY.

The spotlight on portable banking has been driven by the launch of mobile banking platforms from a number of major financial institutions, with many others knee deep in the planning phase.

In most cases, the mobile banking platforms on offer are effectively a 'light' version of each banks' full service online banking platform, covering the online functions most used by bank customers. Recognising the importance of online bill payment for customers, the majority of banks that have launched the service have included BPAY as a primary function of their mobile proposition.

"An online bill payment function such as BPAY is fundamental to having a true end to end mobile proposition," explains a senior executive from one of Australia's major financial institutions.

"By offering BPAY, we ensure businesses and consumers alike are able to take advantage of a truly self-service platform," they said.

Given the changing face of local and international business and the growing need for portable banking options, it is predicted that full service mobile banking platforms will soon become standard across all financial institutions. This is good news for Billers looking to take full advantage of the benefits offered by BPAY.

According to the banks, the primary advantages of the BPAY mobile application can be closely tied to the core benefits of the Scheme itself - ease and convenience.

The advantages to Billers are multi-faceted. One particular example is the likely reduction in missed payment deadlines, thanks to greater consumer flexibility over how and when bill payments are made. This reduction will provide significant cost and administrative benefits to Billers, which is particularly good news for those operating small to medium businesses that have little resources to spend on time-consuming back end tasks.

In addition, a much wider group of customers using BPAY will confirm to billers the existing benefits of BPAY, such as the ability to offer greater choice for consumers, a reduced risk of dishonoured payments and simplified reconciliation processes.

"The launch of mobile banking is a positive development for both businesses and consumers, and something we've always viewed as inevitable," said BPAY CEO Andrew Arnott.

"Expanding access to electronic payment options across new platforms such as mobile not only allows businesses to keep up with the demands of consumers, but ensure they make the most of the financial and administrative benefits of BPAY," he said.

BPAY Billers interested in finding out more about the advantages of mobile banking should contact their financial institution directly.