Why we transformed the Payments System Review into digital format

1WordFlow has transformed Scott Farrell’s highly anticipated Australian Payments System Review into digital format. The objective of the Payments System Review is to ensure Australia’s payments system is “fit for purpose” and remains “responsive to advances in technology.” To play our part in helping the payments industry achieve this objective, we used our unique 1WordFlow Transform technology to convert the 115-page PDF version of the report, plus all the supporting documents, into easily accessible rich web pages. The supporting documents include the terms of reference, the issues paper and all of the 45 individual submissions from the banks, card scheme operators, payment services providers and industry associations. You can see the results here: https://paymentsystemreview.1wordflow.info/ As it’s a website, there are no more downloads. Instead of separately downloading each individual document, payments system stakeholders can now visit the website and with a single click, go directly to the document they need, and find the exact content references they are looking for. All the information that comprises the Review, is instantly available, on any device, simply by going to that URL. We’ve also included links to the websites of the main stakeholders, including the Reserve Bank of Australia, Treasury, and the New Payments Platform. In digital format, you are never more than one or two clicks away from all the supporting information including the terms of reference, the issues paper and each of the 45 individual submissions. Contrast this digital experience with 45 downloads and scrolling through long documents. Advanced search enables instant access to every instance of a search term across the entire knowledge base. For example, a search for “BNPL” (for buy-now-pay-later) in a split second will deliver 68 results from 24 documents. Results are presented in a highly useful format, namely a list with the term and a precis of the surrounding context from the source document. In common with many other government reports, Scott Farrell’s Payments System Review is only available as a download in PDF format, which limits its useability. To solve this problem, and showcase how 1WordFlow harnesses the power of web, we have made the digital edition freely available. And we will update the site as new content is released – starting with the Government’s response promised before the end of 2021. 1WordFlow is redefining how content is delivered, shared and used, making it available on demand, on any device, in any language. With hybrid work being the new normal and employees increasingly valuing the flexibility of being able to work remotely, operational risks increase if regulatory compliance depends on employees having to download, and print, PDF documents. Version control becomes a critical issue. Ensuring employees are accessing the most up to date version of a document becomes an impossible task. As an Australian Regtech company with expertise in information management, 1WordFlow is a specialist in creating virtual documents for the heavily regulated financial services industry. Interested to learn more? Contact us today by emailing caroline@1wordflow.info

Get in Touch

Book a Demo