New payment method allows money transfer in real time

Transferring money between bank accounts can be a painfully slow process that sometimes takes several days.

The internet log in for Australian bank ANZ in Sydney, Thursday, Nov. 17, 2011. (AAP Image/Tracey Nearmy) NO ARCHIVING Source: AAP

But now, Australians have access to a new payment method that allows money to be transferred in real time.

While it is faster than the existing system, it has raised questions about whether it could put people at greater risk of fraud