Mobile phone numbers and email addresses will replace bank account numbers and money will be transferred near-instantly between institutions as part of what the Reserve Bank is calling its new payments platform, unveiled by incoming governor Philip Lowe to a parliamentary committee on Thursday.

Although a joint project with the banks, the central database will be managed by the Reserve Bank and will replace systems that date back to the days of programming by punch cards.

"When this work is finished we will be able to make instantaneous payments to one another, with the money transferring between our accounts in a matter of seconds – and that is regardless of who we bank with," Dr Lowe said on Thursday.

"You can think of it as a central database that might have your phone number in it and a link to your account. You can change that link if you subsequently want to change where your money is going to. It may well make the whole issue of BSBs and account numbers less important."