Posts tagged "CBA least cost routing"

The Reserve Bank of Australia has given breathing room to the major banks and payment service providers failing to promote least-cost routing among merchants, saying they have until June 2024 to boost merchant uptake before facing a regulatory crackdown.

Australia's smallest businesses are saddled with card transaction fees triple that applied to major corporations and the take-up of cheaper options remains "disappointingly low", according to the Reserve Bank of Australia.

Commonwealth Bank has become the first of the major banks to commit to automatically routing transactions for small business merchants, weeks after Treasurer Josh Frydenberg said more needs to be done to lower transaction costs for small businesses.