Indue’s Executive Manager – Payments Michael Swannell, breaks down the NPP and what opportunities lie ahead.
The New Payments Platform (NPP) is a major banking industry initiative developing new infrastructure for Australian payments. It will provide Australian government, businesses and consumers with a fast, versatile, data-rich payments system for making their everyday payments.
The NPP will allow anyone with an Australian bank account to make payments in real-time, with close to immediate funds available to the recipients. For consumers, this means convenient, fast payments to friends, family members and colleagues using ‘simple’ address information, such as a mobile phone number. They could pay immediately to a private seller for the purchase of goods, or organise the sale of a car with registration transfer and all finance and vehicle checks on the spot. It could even revolutionise superannuation processing, simplifying contributions, rollovers and benefits.
It will give small businesses the ability to send full invoice information and receive full remittance information back from the payer with payment. To improve customer loyalty, points could be converted to cash at the point of sale.
For corporate organisations, they will enjoy better cash flow management and more efficient reconciliation processes such as straight-through processing. This could eliminate companies missing payroll cut-offs and provide the ability to submit payments out of hours.
Even government organisations will be able to capitalise on the NPP, with urgent Government support payments for hardship or disaster, emergency welfare assistance payments, or the coordination of health benefit payments being made available immediately.
The possibilities are infinite and limited only by the ability to combine creativity with technical know-how.
As a shareholder in the NPPA, Indue is not only involved with developing the infrastructure for NPP connectivity but is also looking at offering value-added overlay services for its clients. Such added-value services could include electronic invoicing, credit card payment services, payment request services, customised peer-to-peer payments or smartphone applications.
As an integrator of strategic advice and back-of-house support, with leading edge technology and customer-facing solutions, Indue’s capability will be developed in step with the industry ready for launch in the second half of 2017.
For more information on how the NPP could help your business, contact
Executive Manager – Payments
Phone +61 7 3258 4222