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A brand new infrastructure for payments is coming soon.

The New Payments Platform (NPP)

The New Payments Platform is a brand new infrastructure for payments which will allow Australians to transfer money from one account to another much more quickly, 24-hours a day, 7 days a week as well as other benefits.

What are the NPP’s main benefits? 

There will be five main benefits to the NPP when it starts, with more benefits available as more services are added in future.

  • Speed. It allows people to make payments much faster than before.
  • 24/7 availability. Transfer money any time of day or night.
  • Greater information. People will be able to send much more information with each payment, rather than be constrained to the current limit of 55 characters.
  • Simpler. People will be able to use email addresses, mobile phone numbers or other common information to identify their accounts, rather than BSBs and Account Numbers.
  • Certainty. When you transfer money using the NPP you will receive confirmation it’s going to the right place.

When will the NPP be available? 

The industry has a comprehensive testing regime to complete before the NPP will be available to the public. We anticipate the NPP will ramp-up from November 2017 and we will be able to confirm this closer to the time.

When and how can I register for the NPP?

Not yet, it’s not going live until later this year. We will tell you when you’re able to register, you will be able to register for a PayID through your financial institution as well as make NPP payments.

Will fraud increase with the NPP?

Fraud levels in Australia are very low compared to global standards and we expect this to continue. Australian banks have some of the most sophisticated fraud detection technology and methods in the world.

We have also learned from other countries where real-time payments have been implemented and will be adding extra fraud detection methods and collaborating with other Australian financial institutions and law enforcement when the NPP goes live.

An important point to note is that NPP payments need people to authorise the transfer of money out of their account. This has nothing to do with the most common type of fraud in Australia which is ‘card not present’ fraud. This is normally where card details are fraudulently obtained and used to purchase things online.

Will SCU be connecting to the NPP? and what other financial institutions are connecting to it?

It’s up to each individual financial institution to put forward its plans, but the large majority of Australians will be able to make real-time payments using the NPP. SCU will  be connecting to the NPP and members will be able to enjoy fast, payments 24/7.

How is BPAY involved, and what is it building?

BPAY was awarded the contract to build the NPP’s first ‘overlay service’. Overlay services are built on top of the NPP infrastructure and will allow greater functionality. BPAY’s service is called Osko and will allow people to send payments directly from their bank accounts, 24/7 to friends, businesses and the government. Osko by BPAY is the main way that everyday people will use the NPP in the short term, it ensures a consistent experience when making payments via the NPP.

What is a PayID?

A “PayID” is a smart address for payments. It links someone’s bank account to a recognisable and memorable piece of information the person uses in everyday life – such as their phone number or email address. A PayID can only be linked to one bank account at a time, but accounts can have more than one PayID. A PayID can be a phone number, email address, ABN or ‘organisation ID’ such as a company name.