Australian organisations are in the middle of a major shift in how money moves as real-time transfers, richer data and API-driven connections become the new standard for banks, merchants and billers. What once lived quietly in back-office systems now sits at the heart of strategy and shapes how organisations compete, manage risk and keep customer trust in an environment where expectations keep rising.
According to recent industry research from a global payments technology provider, many leaders feel confident about their readiness yet the numbers tell a different story, with legacy platforms stalling payments innovation for roughly 44% of surveyed firms. The study tracks the transition from one-off system upgrades to longer-term transformation programs where real-time payments, cloud-based infrastructure and AI-driven services are treated as essential capabilities rather than optional add-ons.
The report highlights how decades-old technology and fragmented processes are creating a two-speed market. Institutions that tackle legacy bottlenecks head-on and adopt integrated, cloud-native platforms appear to be pulling ahead while others struggle with patchwork fixes, rising fraud risks and the operational strain of constant regulatory and customer change. This modernisation push looks set to redefine how banks and businesses collaborate but the true impact on trust, competition and long-term resilience will depend on how quickly organisations move from ambition to execution.
