VIGNETTE
A description of a firm’s approach to an IT management issue, written according to a prescribed template
Working Paper: Vignette
Reserve Bank of Australia: Collaborating to Build and Leverage the New Payments Platform
RBA initiated an industry collaboration to build and run a new platform for digital payments, then collaborated with Services Australia to provide emergency relief payments to citizens.
Abstract
In 2020, massive bushfires took an unprecedented toll in Australia. The Reserve Bank of Australia (RBA) and the government agency Services Australia collaborated to distribute more than AUD$233 million in disaster recovery payments directly to citizens’ bank accounts in minutes. To issue these rapid payments, they leveraged a new real-time payments system, the New Payments Platform (NPP), that an industry collaboration of thirteen Australian banks, including RBA, launched in 2018. This case vignette describes how the organizations collaborated to build the NPP, and how RBA collaborated with Services Australia in leveraging the platform to provide a new digital service to Australian citizens. This vignette will be part of a series of stories that illustrate how companies coordinate ecosystem collaborations.
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About the Author
Ina M. Sebastian, Research Scientist, MIT Sloan Center for Information Systems Research (CISR)
MIT CENTER FOR INFORMATION SYSTEMS RESEARCH (CISR)
Founded in 1974 and grounded in MIT's tradition of combining academic knowledge and practical purpose, MIT CISR helps executives meet the challenge of leading increasingly digital and data-driven organizations. We work directly with digital leaders, executives, and boards to develop our insights. Our consortium forms a global community that comprises around seventy organizations.
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