"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.
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.
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