New Payments Platform
 | |
| Founded | 2013 |
|---|---|
| Headquarters | Australia |
| Website | www |
The New Payments Platform (NPP) is an industry-wide payments platform for Australia, national infrastructure for fast, flexible, data rich payments in Australia. It was first made accessible to the general public on 13 February 2018 with the launch of PayID, a simple addressing capability, and Osko,[1] the first NPP Overlay Service, operated by BPAY. As of 2020, more than 60 Australian banks have adopted the system.
The new instant payment platform for real-time low value payments was in response to the Reserve Bank of Australia's Payment System Board’s Conclusions to the Strategic Review of the Innovation in Payments System publication.[2] The NPP was announced in July 2013 by APCA.[3] In December 2014, the Program proceeded to the third phase, "design, build and test". In 2015 a contract was signed with SWIFT to design, build and operate the platform.[4]
 | This section possibly contains original research. (May 2021) |
PayID[]
| Compare | PayID | Bank Transfer |
|---|---|---|
| Transfer Time | Less than 1 minute, normally [5] | Up to 3 Working Days |
| Activation | Opt-In, via your bank | Always |
| Payee ID | Phone number, email or ABNs[6] | BSB & Account Number |
| Withdrawals | Never | Possible (if they have your password) |
| Direct Debit | Never | Possible |
| Availability | 24/7 | Banking hours only |
| Full Payee Name | Confirmed before approval | Ignored |
| Transfer description | 280 characters inc emoji | 18 characters |
| Remitter name | Personal/Business account name | 16 characters |
| Change accounts | Keep same PayID or make a new one | Same BSB & new account number |
| Switch banks | Keep same PayID or make a new one | New BSB & new account number |
| Multiple ID's | Use multiple emails | Never |
| Pay Overseas | In the near future | Current |
PayID will coexist with the BSB and account number addressing scheme.
Osko[]
Osko is owned and operated by BPAY, and operates on the NPP as an overlay service.
It uses PayID as a reference for payments. Payments are instant to accounts that have been transferred to previously.
References[]
- ^ "Osko by BPAY". www.osko.com.au. Retrieved 3 November 2017.
- ^ Strategic Review Report
- ^ Industry wide program to develop the New Payments Platform gets underway. Retrieved 8 July 2013.
- ^ NPP Phases 3 and 4. Retrieved 30 October 2015
- ^ https://www.rba.gov.au/publications/bulletin/2018/sep/the-new-payments-platform-and-fast-settlement-service/
- ^ https://payid.com.au/
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