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, called PayID, as well as offer the ability to include more information with payments, such as text or links to externally hosted documents.
While the platform has been collaboratively developed by NPP Australia Ltd and 13 financial institutions, a large number of additional financial institutions connect to the Platform through one of these initial participants. You can see who here.
The New Payments Platform enables innovators to develop and offer an overlay service or product, helping more consumers and businesses to realise the benefits of faster, data-rich payments and the PayID simple addressing service.
The first innovative product delivered via the New Payments Platform is Osko by BPAY.