Major banks are working to a December 2011 deadline to allow online payments from a debit account, a project known as Mambo, or "me at my bank online".
The annual report of the Payments System Board disclosed the deadline yesterday, which major banks had disclosed to the PSB in a letter in May 2010.
This newsletter's occasional efforts to clarify exactly what Mambo is about have met with resistance from the industry.
According to the PSB the Mambo "system will provide a platform that could allow real-time confirmation of payments as required for online commerce."
Commonwealth Bank is the primary supporter of Mambo.