For financial institutions and other companies in the business of providing new and faster ways to pay, the New Payments Platform provides a solid base from which they can innovate and compete. It can also empower businesses to become more efficient, reduce costs and improve their customer service.
What is the New Payments Platform?
The New Payments Platform is a world class payments infrastructure for the Australian economy. It gives consumers, businesses and government departments a platform to make fast, versatile and data-rich payments to meet the evolving needs of a 24/7 digital economy.
It’s a platform that enables real-time clearing and settlement for simple or complex payment solutions, between two people or between many. It can simplify payments through an Addressing Service, as well offer the ability to include more information with payments, such as text or links to externally hosted documents.
While the platform is being collaboratively developed by NPP Australia Ltd and 13 financial institutions, when it goes live later this year a large number of additional financial institutions will also connect to the infrastructure through one of the initial participants. You can see the current list of who is involved here.
When the platform launches, it is anticipated that the majority of Australian bank accounts will be able to receive faster data-rich payments. This reach will gradually increase as more financial institutions and organisations connect to the platform over time.
The first innovative product delivered via the New Payments Platform will be Osko by BPAY. It will be a convenient and accessible service for consumers to send payments from an account at their financial institution, 24/7/365, to payees using easy-to-remember addresses such as a mobile phone number or email address, with fast availability of cleared funds, rich data and confidence in delivery.