Frequently Asked Questions

Q. What is the New Payments Platform?

The New Payments Platform is new infrastructure that enables customers of different banks to make and receive real-time payments, 24 hours a day and 7 days a week. The Platform’s data capabilities mean it has the potential to do so much more than enable near real-time payments. As businesses continue to digitise their back offices and enable rich data services for consumers, delivered digitally, the Platform will enable services to be delivered in the way today’s consumers expect.

Q. What can the New Payments Platform do?

Four key features underpin the New Payments Platform:

  • Speed – the ability to make payments in real time, with close to immediate funds availability to the recipient;
  • 24/7 availability – the ability to make and receive payments 24/7, outside normal banking hour;
  • Data Enriched – the ability to send more complete remittance information with payments; and
  • Simple Addressing – a system called PayID that enables consumers to more easily address payments to any recipient using an identifier like a phone number, email address, ABN or an organisational identifier.

Additional features will become available overtime with the development of new overlay services.

Q. What financial institutions are involved in New Payments Platform?

Click here to see which financial institutions are involved.

Q. How does it work?

The Platform is like a secure set of rails between participating financial institutions so they can send payment messages in real-time, with real-time line by line settlement supported by the Reserve Bank of Australia. This set of rails enables funds to be transferred between accounts instantly. In addition:

  • More data can travel with these messages, like longer descriptions or attachments such as invoices or receipts.
  • Payments can be directed to accounts via an identifier called a PayID, which can be something easy to remember like a mobile phone number or email address. This means BSBs and Account Numbers don’t always have to be used.
  • Innovative organisations can use the Platform’s features and reach to create and offer new and competitive payments products or services. The first product launched from the Platform will be Osko by BPAY.

Q. Why has it been developed?

The way people and businesses spend and receive money has changed rapidly. Australians are increasingly used to fast, online and mobile experiences, and it’s important that the payments system supports this evolution. The Reserve Bank of Australia’s Strategic Review of Innovation in the Payments System set four key challenges for the industry: faster payments, 24/7 payments, data-rich payments and simpler payments addressing. The New Payments Platform evolved from the industry’s response to these objectives, and provides the infrastructure needed to support the digital economy of the future.

Q. What is a PayID?

A PayID is something easy to remember, like a phone number, email address or an ABN, that you can securely link to your bank, credit union or building society account. Then when you want somebody to transfer funds into your account, you can give them your PayID instead of your BSB and account number. Visit to find out more.

Q. Will the New Payments Platform enable customers to switch bank accounts?

Customers who create a PayID will be able to move their PayID between accounts. This means that payments linked to your PayID will move to your new account automatically. Contact your financial institutions for more details.

Q. What is an Overlay Service?

An overlay service is a product or service that leverages the functionality of the New Payments Platform to provide tailored payment experiences between the customers of Participants. They could be offered either by connected Participants or via arrangements with other organisations to enable access to the New Payments Platform.

Q. What kind of products and services could be offered as an ‘overlay service’?

The possibilities are endless really. Speed will be a key differentiator, as will the convenience offered by the addressing service and the data that can be transmitted along with payment. It’s likely that the transmission of data along with payments will mean that a key focus will be on business applications, as well as the opportunities in industry verticals, such as funds management, in and around the stock exchange, or in the insurance and superannuation industry. The NPP presents an opportunity to help solve some of common pain points such as efficiency, improved customer service and reducing costs.

Q. How much will the New Payments Platform cost?

NPP Australia will charge a wholesale unit transaction cost to participating financial institutions. This pricing will be introduced in mid 2018. NPP Australia will operate on a guiding principle of being economically self-sustaining (and not profit-maximising), hence the more volume that we see passing through the platform, the lower this unit cost will be.

Q. Are APIs and a testing environment available?

We have recently published an API framework for the NPP. Version 1 of the framework focuses on PayID lookups and payment initiation messages. You can read more on the framework here. In October 2018 we announced the launch of a sandbox for testing APIs. The testing environment will enable third parties to gain a better understanding of the Platform’s benefits and capabilities.