Westpac has released a new study conducted by Nielsen Australia that highlighted the strategic importance of real-time payments for large Australian businesses.
The report found that while 99% of corporate decision-makers recognise the need to adopt real-time payments, only 47% are actively preparing to take the next step.
“Businesses that have already made the switch are well-positioned to gain a ‘first-mover’ advantage, meeting customer expectations and setting new industry standards,” said Jeff Byrne (pictured), Westpac’s general manager of global transaction services.
The findings showed that real-time payments offer significant value, including improved cash flow, reduced risk, and enhanced operational efficiency. However, adoption is slowed by competing priorities and perceived implementation challenges. Only 50% of leaders consider real-time payments “very important” right now.
“The reality is the sun is setting on old payment methods like bulk electronic clearing systems and cheques,” Byrne said. “But the real-time shift isn’t just about updating payment systems. It is a fundamental shift in the foundations of how businesses interact with their customers, and the time to adopt change is now.”
The report, which surveyed 113 decision-makers from companies earning over $150 million annually, revealed that 67% believe finance tech providers will lead the implementation of real-time payments, and 65% expect the change will improve their competitive position.
“The transition to real-time payments requires businesses to modernise their payment systems, integrate new technologies, and adopt new operational practices,” Byrne said.
“This rapid transformation is driven by the need to meet customer expectations for instant, seamless transactions and to stay competitive in an increasingly fast-paced ‘always on’, customer-centric economy.”
Recognising the gap between awareness and action, Westpac is offering tailored transition support to businesses.
“We know our customers are at different stages of the transition, and they are seeking support from us,” Byrne said.
This initiative aligns with broader trends in Australia’s payment landscape, where digital wallet transactions have surged, and the government is actively promoting digital payment methods to enhance efficiency and security.
“Westpac is providing expert guidance. This includes training, guides, real-time maturity assessments, technical roadmaps and implementation support, with a tailored approach for each customer to make the move to real-time payments safer, easier and ahead of the deadline of June 2030,” Byrne said.
Westpac is also focused on building a resilient technology backbone to support real-time transactions during high-pressure scenarios such as emergency payments and large settlements.
“Resilience is all about ensuring that our clients can rely on us when the pressure is on them,” said Byrne.
“We don’t just focus on how things work when all is going well, we design our platforms assuming parts of the system can break… By continuously investing in critical capabilities, we strengthen resilience, reliability, and operational excellence for our customers.”
The findings underscored a broader industry shift: the transition to real-time payments is not only inevitable but essential for business competitiveness and operational agility.
The study findings come as Westpac revealed a $1.4 million investment in a new Coomera branch on the Gold Coast.
The new branch will provide face-to-face and digital banking services, supporting both retail and business customers in one of the region’s fastest-growing corridors.
“Westpac has been backing the Gold Coast for more than 100 years,” said Damien MacRae, general manager of retail banking. “The new Coomera branch will help us meet growing demand and support the local community with both in-person and digital banking services.”
Westpac’s new Coomera branch will officially open on Tuesday, 24 June, at Tenancy 1092, Westfield Coomera, 103 Foxwell Road, Coomera QLD 4209.
