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Australia launches New Payments Platform

January 18, 2018  |  Australia, Cooperation, Payment

The Australian financial services industry and federal government have been working on the billion-dollar new payments platform (NPP) since early 2012.

It was borne out of a desire by the Reserve Bank to have all financial institutions facilitating real-time payments by 2016.

Once it goes live next month, the NPP will enable real-time transactions that need only the recipient’s phone number or email address, as well as same-day settlement of bulk and direct payments, and the ability to finalise low-value payments outside banking hours.

Bpay CEO John Banfield:
“A good example would be to say you’ve got friends buying concert tickets. You type their mobile phone number into your banking front end and the NPP resolves that phone number into bank account details it has stored. Then the payment goes through to that person’s account in real-time … and you can have confidence it’s gone through to the right person.”

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