Changes to bank lending rules by “commercially inept” government regulators is killing Australia’s engine room - the small business sector - according to the chief of recruitment firm EL Consult.

Global payment services provider SWIFT is claiming payments will be delivered in seconds by integrating gpi, its cross-border payments service, with real-time service levels into domestic instant payments systems around the world.

The global transaction volume of non-cash payments is growing rapidly, including in Australia, with non-cash transactions booming and competition flourishing, despite many banks remaining reluctant to embrace open banking via data sharing, ecosystem partnerships and open platforms, according to a new report.