The New Payments Platform (NPP) is a major banking industry initiative developing new infrastructure for Australian payments. It will provide Australian consumers, businesses and government with a fast, versatile, data-rich payments system for making their everyday payments. The NPP will allow most with Australian bank accounts to make payments in real-time, with close to immediate funds available to the recipients.
As a founding shareholder in the NPP, Indue is not only involved with developing the industry’s core infrastructure but is also looking at offering value-added overlay services for its clients. Such services will include a simple API based integration layer for ease of connectivity to the NPP, settlement services (potentially removing the need to build real time settlement capabilities for ADIs), stand in capabilities to assist our clients meet the NPP core SLAs. While also supporting a range of overlay services which are industry specific to leverage the power of the NPP in delivering superior customer value propositions.
Gives the ability to send full invoice information and receive full remittance information back from the payer with payment.
Improved cash flow through the receipt of real time irrevocable payments using a phone number as your identifier for incoming payments.
Enjoy better cash flow management and more efficient reconciliation processes such as straight-through processing.
Integration of NPP into your digital experience, creating work flows with real time payments seamlessly embedded.
The Government will be able to capitalise on the NPP, with immediate support payments for hardship or disaster, emergency welfare assistance payments, or the coordination of health benefit payments being made available immediately and with rich data included in the transaction flow.
New Payments Platform to Help Small Business
Mutuals, building societies and credit unions should keep a close tab on what’s happening with the New Payments Platform (NPP) and incorporate it into their planning to ensure they are well placed to take advantage of the opportunities it will offer when it goes live in the second half of 2017.
BPAY to offer the Initial Convenience Service on the NPP
BPAY have been selected to provide the first overlay services for NPP. This ‘Initial Convenience Service’ (ICS) will initially consist of a real time payments offering with customers able to swiftly transfer funds to and from their bank accounts via their mobile phone, tablet, or via the internet.