Sick of waiting days for a transfer to go through from one bank account to another at a different bank?

Me too.

Well, those days are officially numbered according to the Reserve Bank of Australia (RBA). A new payments platform (NPP) will allow bank customers to transfer funds in real time using just a phone number or email address, 24 hours a day, by the end of 2017, according to the central bank.

Thirteen of Australia’s largest financial institutions, including Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) are working with international telecoms cooperative SWIFT, which is building the infrastructure. SWIFT already facilitates billions of international interbank transfers and secured communications.

The RBA is doing its bit as well, building a Fast Settlement Service (FSS).

And before you think this is still a long way away, basic test payments are already being made through the FSS and SWIFT’s infrastructure. BPAY has been appointed as the first overlay service to use the NPP.

NPP Australia says it remains committed to launching the NPP in late 2017.

This is also a much more sophisticated system, allowing much more information to be transferred alongside the funds. Invoice payments could be transferred alongside the invoice, perhaps allowing the details to be imported into accounting systems.

That will have implications for the likes of accounting software providers Myob Group Ltd (ASX: MYO), Reckon Limited (ASX: RKN) and Xero FPO NZX (ASX: XRO). Customers are likely to want as much information as they can get, and the new payments platform should make fund transfers ‘data rich’ and easily addressed.

Personally, I can’t wait.

How 1 Man Made 100x His Money After 50

Few know, that as Warren Buffett blew out the candles on his 50th birthday cake, he had just 1% of his current fortune. Think about it: At an age when most give up hope, Buffett was just getting started on the remaining 99% of his fortune. Goes to show you that it's never too late for you to potentially get rich. Which is why we've gathered the strategies we learned from Buffett, distilled them down to 11 simple lessons, and put it in an exclusive report for you to claim. Just click here to learn more about this handy investing guide.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

The Motley Fool Australia has a position in Xero FPO NZX. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.