In late 2017, the New Payments Platform (NPP) will launch in Australia with a number of financial institutions taking part. The NPP is a payments platform that has been developed by the payments industry governing body (APCA) and financial institutions to meet the evolving needs of our 24/7 digital economy. The NPP will enable real-time settlement of payments and will also simplify payments through an Addressing service, removing the need to remember BSB and Account information.
The ADF is taking a keen interest in the development and progress of the New Payments Platform and we have received detailed briefings from the Commonwealth Bank (CBA), our banking services partner, on their involvement with the NPP. Due to the structure of our banking services and the first release of the NPP being geared towards one off peer to peer payments, the ADF will not be joining up to the NPP when it initially launches. All payment methods that are currently used by our clients will continue unhindered and processing timeframes will not be impacted.
The ADF will continue to pro-actively discuss the NPP with CBA and monitor the progress of the platform as well as the second and third releases which may be beneficial for our clients.
If you have any questions regarding the NPP and the progress the ADF is making, please don’t hesitate to contact us.