New Payments Platform (NPP) is live

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Thee New Payments Platform (NPP) started going live in February 2018.

It will be introduced by financial institutions during 2018. This will enable Australians to make real-time payments to each other 24/7, 365 days a year.

The NPP will make payments faster, simpler and smarter. There will be five main benefits to the NPP when it starts, with more benefits available as more services are added in future.

  • Speed. It will allow you to make payments in real-time.
  • 24/7 availability. Transfer money any time of day or night.
  • Greater information. You will be able to send much more information with each payment, rather than be constrained to the current limit of 55 characters.
  • Simpler. You will be able to use email addresses, mobile phone numbers or other common information to identify their accounts, rather than BSBs and Account Numbers.
  • Certainty. When you transfer money using the NPP you will receive confirmation it’s going to the right place.

Its will be a bit like BPay but the money will move in a minute or two direct into your bank account. So, imagine splitting the bill at a restaurant with friends. One person can pay and by the time you pick up the receipt the others could have paid you their share direct into your bank. For tradies and alike it will mean not waiting days for transfers.

 

The 13 NPP Participants are:

Australia and New Zealand Banking Group (ANZ)

Australian Settlements Limited (ASL)

Bendigo and Adelaide Bank

Citigroup

Commonwealth Bank of Australia

Cuscal

HSBC Bank Australia

Indue

ING Australia

Macquarie Bank

National Australia Bank (NAB)

Reserve Bank of Australia (RBA)

Westpac Banking Corporation

 

See:  https://www.nppa.com.au/