Australian Payments Plus (AP+) today announced J.P. Morgan Payments, a part of leading global financial services firm JPMorganChase has joined debit network EFTPOS as a Member and will become the latest Participant to join Australia’s domestic real-time payments network, New Payments Platform Australia (NPP).
This will enable J.P. Morgan Payments to directly offer its clients data rich real-time payments through the NPP and EFTPOS’ secure online payments capabilities and features.
AP+ CEO Lynn Kraus congratulated J.P. Morgan Payments on joining both the NPP and EFTPOS as a Member.
“We are very pleased J.P. Morgan Payments has joined EFTPOS and will join the NPP as a direct Participant, further strengthening the diversity of our membership and bringing more competition to the market,” Ms Kraus said. “A diverse membership helps ensure strong domestic payments infrastructure that all Australian businesses and consumers benefit from.
“Matching the data rich, account-to-account real-time payments rails of the NPP with the processing strength of EFTPOS’ infrastructure, directly accessing Australia’s domestic debit network makes sense. We welcome J.P. Morgan Payments joining the NPP and look forward to working closely with them as they undertake the various steps required to go live as a NPP Participant.”
The NPP is always on and supports payments 24 hours a day, every day of the year. More than 100 banks, credit unions, building societies, fintechs and other organisations use NPP to support real-time payments for consumers, businesses and government agencies.
The volume and value of payments via NPP continues to grow. RBA statistics show that in April 2024 133.6 million payments worth a total of $165.3 billion were delivered. The average daily payment value has increased to over $5 billion.
The NPP now accounts for 1 in 3 account-to-account payments in Australia.
“J.P. Morgan Payments is delighted to join both EFTPOS and the New Payments Platform Australia (NPP), enhancing our support for both local and global institutions in the ecosystem, focused on complex, high-volume, and high-speed payments. Our membership across all three AP+ payment schemes strengthens our local footprint and will further enable us to bring the full strength of our business to our clients in the Australian market,” said Bianca Bates, Head of Payments, Australia and New Zealand at J.P. Morgan.