Real-time payments are reshaping the way money moves in Australia, and for Zepto co-founder Trevor Wistaff, the message to businesses is simple: start small, but start now.
"We're building a bridge to the inevitable," Wistaff explained to Techday. "We know that's where things are going, and if you wait, you'll get left behind."
Wistaff, who spent seven years as the company's CTO before stepping into the Chief Product Officer role, explained that BECS - a system dating back to the late 1970s - is increasingly unfit for purpose.
"It's slow, it's full of edge cases, and it's not very secure," he said. "These days, people expect things instantly. We send messages and photos in a second. We should be able to move money the same way."
BECS still handles the majority of Australia's account-to-account transactions, largely due to its adoption by major enterprises.
But its quirks - such as direct debits taking two full business days to settle - have led to costly inefficiencies.
"There's uncertainty and lag that businesses have just learned to work around," Wistaff said.
The solution, he believes, lies in embracing NPP and tools like PayTo, which enables real-time collections with more control and visibility for consumers.
"When a merchant sends a PayTo request, the customer can approve it directly through their bank app. It's instant and secure. And more importantly, the bank knows it's coming," he said.
This visibility contrasts sharply with legacy direct debit methods.
"You could give someone your BSB and account number on a form and they'd start taking money out without your bank knowing. It's all trust-based and outdated," he explained.
The benefits of real-time payments extend far beyond speed. Wistaff said they also provide cost savings, process automation and better customer experiences. "Merchants can get immediate feedback on whether a payment worked. If it fails, they can automate a response - send a text, retry later, or defer the charge. That's just good treasury management," he said.
Zepto has been at the forefront of Australia's move to real-time payments, partnering with companies including Red Energy, OZEDI, and Woolworths' payments subsidiary Wpay. In Red Energy's case, PayTo has already delivered a key metric: not a single support call from customers using the new method.
"They expected it would create confusion and require back-office support. But it's been the opposite. That shows the value of a well-designed, secure payment experience," Wistaff said.
Wpay is working with Zepto to pinpoint low-risk use cases that can act as a springboard for broader rollout.
"They're a massive operation with payments flowing in every direction. By starting small, they can build confidence and scale from there," he said.
The urgency is growing. Australia's payments industry has set a target to decommission BECS by 2030, although some now question whether that deadline is realistic.
Still, Wistaff said waiting is not a strategy.
"Whether it's 2030, 2035 or later, it's happening. And starting early lets you break it into manageable pieces."
He likened the transition to "eating an elephant - one bite at a time," noting that the largest organisations often face the greatest execution risk.
"That's why Zepto doesn't think of clients as customers. They're partners. We help them figure out the best place to start."
Wistaff also emphasised the advantages for consumers.
"People can see their payment agreements inside their banking apps. That visibility didn't exist before. Now they can plan financially, and the payments happen exactly when they expect them to."