Services that use the Platform's capabilities will commence rolling out soon from about 60 banks, building societies and credit unions across the country.
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. They will also be asked to nominate a PayID code like an email address, ABN or a phone number.
Today's launch of the New Payments Platform is the result of collaboration between 13 members of Australia's financial services industry, including Australia's four major banks and the Reserve Bank of Australia.
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"The New Payments Platform has a unique layered "open access" design which allows for different entities to leverage the Platform's functionality in different ways", NPP Australia CEO Adrian Lovney said.
The NPP, described as the most modern payment platform in the world, will offer Australian consumers and businesses a range of new benefits, including near instant bank transfers, which will not only make banking faster - but more convenient. Going forward, a large number of additional financial institutions are expected to connect to the infrastructure through one of the initial participants.
"We know that Australians are frustrated about the amount of time it takes to move money between accounts at different banks, which can sometimes be as long as two to three days", Lovney said in the release.
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For example, Lovney said the NPP's data capability could enable simpler invoicing and automatic reconciliation of payments across core business processes.
A key feature of the platform - which launched at a minute past midnight yesterday - is Pay ID. In others, you may be required to choose an Osko payment first. Financial institutions and Fintech organizations will have the opportunity to build solutions on top of NPP to provide an array to services. As it rolls out to the first wave of participating financial institutions, it will be available through online or mobile banking applications without the need to download an app or go to another website.
At present the Commonwealth Bank of Australia (CBA) is the only major bank to have enabled payments on the platform, with others have indicated they will in coming weeks and months. "80 per cent of Australians' accounts will be connected", he said.
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Treasurer Scott Morrison welcomed the launch of the new platform today. This simplified approach will help businesses to make payments quickly and efficiently and let them get back to running their business.