“People live in the real time; it’s time we do too.”

– New Payments Platform participant

History

The New Payments Platform is an unprecedented industry collaboration that came to life following a strategic review of the Australian payments system by the Payments System Board in 2012. This review identified a range of additional features which were desirable in the Australian payments system, principally the capability to make payments in real-time.

The Australian Payments Network (previously APCA) and a number of industry representatives came together to form the Real-Time Payments Committee (RTPC) and submitted a proposal that highlighted how payments systems and schemes around the world are becoming more commercial and competitively oriented, and Australia must proactively adapt.

As a result, the RTPC recommended a new layered business architecture for payments clearing and settlement, and a system that offered a range of new real-time payment services to consumers, businesses and government. Following this proposal, APCA engaged KPMG to assist the industry in the capacity of a Project Management Services Organisation (PMSO) and eventually this work evolved into the New Payments Platform.

NPP Australia Limited (New Payments Platform) was formed in December 2014 to oversee the build, operation and management of the platform and in September 2016, Adrian Lovney was appointed as the inaugural CEO.