The issues paper also noted that: 'The Board is conscious that the major banks and BPAY have been working for some time on a new, hub-based retail payments system, referred to as MAMBO. For commercial reasons, relatively few details of the MAMBO system have been made publicly available, but the system is expected to be able to address a number of the gaps identified in Section 6 (of the issues paper). '
MAMBO (or M@mbo) is a blueprint for a system where individuals would be assigned BPAY identifier numbers to allow funds to be transferred peer to peer. It's been in stop-start development for almost two years, although there have been reports that it is scheduled to debut at the end of the year.
According to the Reserve Bank's issues paper; 'The Board welcomes the implementation of systems such as MAMBO that address some of the unmet needs of end-users.' But it warned that MAMBO won't prove a silver bullet and the banks will still have other technology issues to address in order to meet the expectations both of the Reserve Bank and Australian citizens.