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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.
VIGNETTE

A description of a firm’s approach to an IT management issue, written according to a prescribed template

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.

About the Author

MIT SLOAN CENTER FOR INFORMATION SYSTEMS RESEARCH 

Founded in 1974 and grounded in the MIT tradition of rigorous field-based research, MIT CISR helps executives meet the challenge of leading dynamic, global, and information-intensive organizations. Through research, teaching, and events, the center stimulates interaction among scholars, students, and practitioners. More than seventy-five firms sponsor our work and participate in our consortium. 

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