New Payments Platform of Australia

  • Faster payments. You can send near-instant money transfers from one bank account to another, with real-time clearing and settlement available 24/7. This means that you will be able to send and receive payment to banks other than your own outside of banking hours without any delay.
  • Data-rich payments. This means you can attach longer descriptions to your payments. Instead of using all sorts of acronyms and abbreviations to squeeze a long description into the available character limit, you can clearly detail what a payment is for.
  • PayID. You also have the option to register for a PayID, which can be your phone number, email address or ABN, that you can use instead of your BSB and account number. This service is offered by Osko and is an overlay service on the New Payments Platform. You can read this guide to find out more information on PayIDs or contact your institution to find out if PayID is available.
  • Distributed switch of individual ‘Payment Access Gateways’ hosted by financial institutions who have chosen to connect directly.
  • hese gateways route and exchange financial messages between each other using NPP ISO 20022 messages.
  • Payment messages are cleared between participating financial institutions and then settled by the RBA’s Fast Settlement Service.

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Dassana Wijesekara

Dassana Wijesekara

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Technology evangelist, enterprise software architect many years spent designing world class mission critical software. Pilot, artist, musician and photographer.