Bank transfers in less than a minute as real-time payments rolled out

Bank transfers in less than a minute as real-time payments rolled out

"Customers will also be able to include more information with their payments, such as additional text, invoices and receipts". According to NPP Australia, the platform itself has been live since November in order for employees at a number of different institutions to test its functionality. "We do expect that within a month after launch, around four in five Australian accounts will be connected to the platform, through a wide and diverse range of banks, building societies and credit unions", he said.

A new payments platform allowing instant payment transfers between a network of 60 Australian financial institutions launched today.

In the case of NAB, it will be a staggered rollout, that will result in all of its customers having access to the new system, known as the new payments platform, over the coming month.

A key feature of the platform - which launched at a minute past midnight yesterday - is Pay ID.

As reported previously, the system allows recipients to use their phone number, email address or an Australian Business Number (ABN) to facilitate transfer of fund with a simple addressing capability called PayID. In others, you may be required to choose an Osko payment first.

PNB Fraud: Finmin Asks Banks To Submit Status Report
"Based on these transactions other banks appear to have advanced money to these customers overseas ". The bank's stock took a hit after it announced the detection the fraud.

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 United Kingdom in the faster payments arena. "And because the Platform can support multiple products like Osko by BPAY, and the ways in which consumers and businesses will benefit will only grow and evolve over time", Mr Lovney said. Financial institutions and Fintech organizations will have the opportunity to build solutions on top of NPP to provide an array to services.

The option to pay to a PayID will appear within your normal mobile or online banking.

A revolutionary payment system will allow Australians to transfer money to each other nearly instantaneously and it doesn't matter if it's on a weekend or the middle of the night.

NPP Australia's Lovney said rolling out something as complex as real-time payments would not happen overnight and needed to be carefully planned. "It will make payments faster, easier, and more convenient than ever before", said CEO of BPAY Group, John Banfield. Each institution will tailor the experience to best meet the needs of their customers. The service allowing consumers to make faster payments using their "PayID" has the brand name "Osko".

The NPP works like a "secure set of rails" between banks so they can send payment messages in real time to each other via the Reserve Bank.

Related:

  • Chris Rock Netflix Special to Drop on Valentine's Day

    Chris Rock Netflix Special to Drop on Valentine's Day

    On February 3, to the confusion of just about everyone, it released a psuedo-teaser for Tamborine with no connection to Rock. Tamborine , with an appropriately jingly teaser, this marks Rock's first special since Kill the Messenger in 2008 on HBO.
    Canada defeats Switzerland 10-3 to win mixed doubles curling gold medal

    Canada defeats Switzerland 10-3 to win mixed doubles curling gold medal

    Photo Mixed doubles curling is an Olympic event for the first time , and Lawes and Morris are the first gold medalists. Lawes said she and Morris had prepared themselves to battle it out against Switzerland until the eighth end.
    White House's security process 'broken'

    White House's security process 'broken'

    In reality, Vice President Pence said publicly that he was " appalled " when he learned of the domestic abuse allegations . As general counsel to Portman, Porter did not need a high-level security clearance.
  • NOPD responding to second parade route shooting

    NOPD responding to second parade route shooting

    Shannon Abraham from Reno, Nevada, said she spent dozens of hours designing and making her elaborate silver-sequined dress. Rex, which is the city's oldest parading group, decorated 21 of their 28 floats with images of the city's history.
    Judge rules against Trump in case over immigration program

    Judge rules against Trump in case over immigration program

    But that measure, from the Senate's most hawkish Republicans on immigration , is unlikely to gain much, if any Democratic support. A group of GOP senators introduced the president's proposed framework as an amendment on Monday.
    HTC smartphone business president leaves sinking ship ahead of U12 launch

    HTC smartphone business president leaves sinking ship ahead of U12 launch

    HTC , the popular Taiwanese tech giant, has ended the year 2017 by recording the lowest revenue of $2.1 billion in 13 years. However, after Google acquired HTC's smartphone design and engineering teams, his position was somewhat redundant.
  • 'I think Neymar will play for Real Madrid,' says Brazil team-mate

    A ideal start? Not quite. "I don't know who has more pressure". "I am only thinking about tomorrow's game, not my future". It's come about after Real only managed a second placed finish in the group stage, something of a shock in itself.
    Rohit Sharma, wrist spinners help India script history in South Africa

    Rohit Sharma, wrist spinners help India script history in South Africa

    Hardik Pandya bottom-edged the next ball to Heinrich Klaasen and Iyer top-edged Ngidi to the wicketkeeper as well. The first time the pair were involved in such incident was in 2011 at Kingston, through no fault of Rohit though.
    Genesis Open: Relive Tiger Woods' Riviera debut as a 16-year-old

    Genesis Open: Relive Tiger Woods' Riviera debut as a 16-year-old

    He will certainly have stiff competition this week from a field headed by world number one and defending champion Dustin Johnson . The star-studded trio will be the PGA Tour Live's featured group Thursday , teeing off on the 10th tee at 10:22 a.m.
  • Olympic snowboarder taken to hospital after scary halfpipe crash

    Olympic snowboarder taken to hospital after scary halfpipe crash

    Rukajarvi also slammed the organisers for allowing the competition to continue despite the unsafe conditions. Totsuka smacked into the ground, falling face-first into the middle of the halfpipe, lying still.
    Arizona woman wakes up with British accent

    Arizona woman wakes up with British accent

    FAS is easier to understand when you think about the minute changes that characterize what we perceive to be an accent. Rare as it can be, a woman from Texas suffering debilitating headaches woke up with a British accent .
    Ukraine's Klimkin visits Kuwait for talks with anti-ISIS coalition

    Ukraine's Klimkin visits Kuwait for talks with anti-ISIS coalition

    The United States under President Donald Trump also seems uninterested in directly investing in Iraq's reconstruction. That money would include loans, loan guarantees and insurance devices to encourage American investment in Iraq.

Comments

Latest news

Soil search unearths new class of antibiotics
Experts have hailed this new antibiotic from soil the next big thing because, a new antibiotic has not been discovered since 1987. They hypothesized that the genes responsible for this "calcium-dependent motif" might be found in other compounds.

Bristol Palin's husband reportedly files for divorce, moves out of Texas home
Palin has a third child, Tripp, and the pregnancy by Levi Johnston was announced during the 2008 Republican National Convention. Meyer, 29, is the father of Palin's two youngest children, daughters Atlee Bay , who is nine months old, and Sailor Grace , 2.

Germany proposes free public transport to curb pollution, avoid big fines
If Vella is not satisfied with Germany's proposals, he has threatened to file a case with the European Court of Justice. When it comes to making ticketless rides a reality, there are some pretty big questions that need to be answered first.

Shaun White wins USA's 100th all-time Winter Olympic gold medal
He busted his face in New Zealand a year ago while attempting one of those 1440s, leaving an injury that required 62 stitches. Shaun White's reaction to winning the gold medal tells you everything you need to know about how badly he wanted it.

Suspect wounded, vehicle stopped after shooting at US NSA gate in Maryland
In 2015, two men dressed as women tried to ram a stolen vehicle through the gate of the NSA headquarters at Fort Meade. Local fire and police departments had said earlier on Twitter they were responding to a possible shooting incident.

United States of America men's hockey team loses to Slovenia in Olympics debut
Slovenia, the Americans' first opponent in the round-robin preliminary round, enters with much lower expectations. Brian Gionta , from Rochester, serves as team captain and is the only returning Olympian.

Did Rutgers just win the 2013 Pinstripe Bowl?
The investigation stemmed from academic misconduct involving a former student athletic trainer. The committee's decision was announced in a statement issued Tuesday by the NCAA.

Black Panther DLC Out Now for LEGO Marvel Super Heroes 2
Ross and members of the Dora Milaje , Wakandan special forces, to prevent Wakanda from being dragged into a world war. When two foes conspire to destroy Wakanda , the hero known as Black Panther must team up with C.I.A. agent Everett K.

South Africa captures three Gupta family members in raid
Reuters was unable to confirm the email's authenticity and Baloyi did not answer her phone or respond to text messages. Mashatile said Zuma had been given until Wednesday to submit his resignation letter.

The Buzz | Oxfam's deputy chief executive resigns in Haiti scandal
European Union officials in Brussels echoed London's threat, threatening to cut more than $40 million in aid to Oxfam. The commission said its own records did not go back to 2004. "And compels us to take action", she is expected to say.

Top US Intel Officials: Russia Bent on Influencing US Midterm Elections
She stated that she did not believe they had interfered with the election results, but she said that they had gained access.

The Samsung Galaxy S9 may have stereo speakers and 3D emoji
But Samsung's Galaxy Note 9 , which was rumored to feature an in-display fingerprint sensor as well, will apparently skip it. The semi-transparent nature of Samsung's OLED Infinity Displays lowers the accuracy of the optical fingerprint scanners.

Tom Izzo agrees with John Engler that ESPN report is 'sensationalized'
Izzo, on the other hand, has not issued any denials and has chosen not to answer any direct questions related to the report. The report was published on January 26, just hours after athletic director Mark Hollis announced he was stepping down .

Shirtless flag bearer's family safe after cyclone devastates Tonga
Communities moved to higher ground as precaution to storm surges which is a lesson learned following tropical cyclone Winston . In Tonga, publisher Pesi Fonua said fallen trees were littering the landscape and their absence was opening up new vistas.

Qualcomm unveils 2 Gbps LTE modem
On Wednesday, Qualcomm took the wraps off the X24, a new LTE modem that supports download speeds of up to 2Gbps. The Snapdragon X24, on the other hand, is a future-ready modem - setting the ground for 5G connectivity.

Other news