25 April 2018

Aussie real-time payments platform goes live

13 February 2018  |  10673 views  |  6 Autrialian flag

Australia's real-time payments platform goes live today, with customers of three of the country's big four banks able to transfer funds in seconds.

The New Payments Platform (NPP) will enable customers of Commonwealth Bank, National Australia Bank and Westpac to send money via a service called PayID, which requires users to enter only the recipients' mobile phone number or email address. Other financial institutions, including ANZ, will follow.

The billion dollar project is being run by NPP Australia, which was set up by the industry in late 2014 in response to cajoling from the country's central bank, eager to catch up with the likes of the UK in the faster payments arena.

Swift was brought in in 2015 on a 12-year contract to design, build and operate the platform's basic infrastructure.

In addition to speeding up payments, the NPP allows for up to 280 characters of information to be attached to payments, which the RBA says will provide richer data, facilitating e-invoicing and straight-through processing.

Comments: (6)

Keith Richbell
Keith Richbell - eftpos Payments Australia Ltd. (ePAL) - Sydney | 14 February, 2018, 03:20

Congratulations Australia, only a decade behind the UK. Woohoo!

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A Finextra member
A Finextra member | 14 February, 2018, 10:15

WP: Let's hope there's a bit more take-up than in the UK!  Never quite understood why the UK don't seem to like it...

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David Godfrey
David Godfrey - ACI Worldwide - Watford | 16 February, 2018, 12:28

@Anon...strange comment, Faster Payments is growing strongly in the UK. As a consumer you can't really make a credit transfer any longer that doesn't use Faster Payments.

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A Finextra member
A Finextra member | 16 February, 2018, 12:39

WP: I meant Paym...

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David Godfrey
David Godfrey - ACI Worldwide - Watford | 16 February, 2018, 12:41

Ah, spot on about that! Ask someone who doesn't work in banking or payments what PayM is, or about the ability to pay someone using their phone number and you will just get blank stares. Virtually zero awareness of it, thanks to almost no effective publicity.

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Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 16 February, 2018, 18:45

Congratulations Australia, only 8 years later and 950 million dollars costlier than India. 

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