The New Payments Platform (NPP) is Australia’s inter-bank immediate pauments system and it just went live. It gives consumers, businesses and government departments a platform to make fast, versatile and data-rich payments.
NPP 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 (the “PayID”), as well as offer the ability to include more information with payments, such as text or links to externally hosted documents.
The first innovative product delivered via the New Payments Platform will be Osko by BPAY. It will be a convenient and accessible service for consumers to send payments from an account at their financial institution, 24/7/365, to payees using easy-to-remember addresses such as a mobile phone number or email address, with fast availability of cleared funds, rich data and confidence in delivery.
It wasdeveloped by NPP Australia Ltd and 13 financial institutions. Adrian Lovney is CEO of NPP Australia and Katrina Stuart is the Executive Manager for Engagement. In this podcast, they explain the key features of NPP and chat about the new products and services that it could enable.
Tomorrow’s Transactions podcast number 302, edited 13th February 2018.
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These podcasts are provided under a Creative Commons Attribution-ShareAlike 3.0 licence [CC-BY-SA]. You are free to share, to remix and to make commercial use of them provided you attribute them to the Tomorrow’s Transactions podcast series and include a link to http://www.chyp.com/media/podcasts and that you distribute the work only under the same licence.