Bitcoin/Banking

Major retailers attack banks over tap payments routing gouge

The Banking Royal Commission may be over, but Australia’s peak retail body is nowhere near finished when it comes to spotlighting lucrative institutional fee rorts the Reserve Bank of Australia and other regulators are trying to stamp out.

As two of the Big Four banks – ANZ and Westpac – switch on what’s known as ‘Least Cost Routing’ for tap payments this week, the powerful Australian Retailers Association (ARA) has taken a blowtorch to institutional delays that are costing shopkeepers and consumers millions each year.

The row revolves around the single biggest…
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