Once it goes live next month, the new platform will enable real-time transactions that need only the recipient’s phone number or email address, as well as same-day settlement of bulk and direct payments, and the ability to finalise low-value payments outside banking hours.
In just weeks, a historic new platform will enter operation and revolutionise the way payments are made in Australia. The financial services industry and federal government have been working on the billion-dollar new payments platform (NPP) since early 2012. It was borne out of a desire by the Reserve Bank to have all financial institutions facilitating real-time payments by 2016. Once it goes live next month, the NPP will enable real-time transactions that need only the recipient’s phone number or email address, as well as same-day settlement of bulk and direct payments, and the ability to finalise low-value payments outside banking hours. The NPP is made up of a base infrastructure - built by Fiserv and Swift - that all Australian financial institutions will eventually connect to, allowing payments to be made between banks and their customers in real time.
https://www.itnews.com.au/news/australia-counts-down-to-real-time-payments-481300
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