Economy

CommBank launches platform for easy payments

CommBank launches platform for easy payments”

Australia's New Payments Platform (NPP) went live today, which allows instant inter-bank transfers using a simple ID system, with no annoying details like account numbers or BSBs required. To receive near real-time payments customers can register their mobile number as their PayID. "They will all make payments to a PayID possible within Osko - which makes using Osko even easier", Mr Banfield added.

The billion dollar project is being run by NPP Australia, which was set up by the industry in late 2014 in response to cajoling from the country's central bank, eager to catch up with the likes of the United Kingdom in the faster payments arena. Financial institutions and Fintech organizations will have the opportunity to build solutions on top of NPP to provide an array to services.

The Platform went live in November a year ago and has supported funds transfers between employees at a number of different banks, building societies and credit unions. Going forward, a large number of additional financial institutions are expected to connect to the infrastructure through one of the initial participants.

Ultimately, NPP asserts it is up to individual banks to determine their approach to rollout.

And while the launch may be a boon for consumers and businesses alike, Australia has been slow to adopt the technology, with a number of countries around the world including Sweden, the United Kingdom and Canada already offering faster transfers at a national level. The NPP went live today but no other banks appear to have chose to start offering it immediately.

A Westpac spokesperson initially said the NPP would be available to core consumer Westpac customers from today, but later changed this to "in the coming weeks" and for a "small group" of consumer customers.

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NAB head of deposits and transaction services Rachel Slade said NAB would roll out NPP features to its customers "within the next month".

From today, local banks will commence roll-out of out a new payment platform, set to offer "instantaneous" transfers, 24 hours a day, seven days a week.

According to NPP Australia, around 60 banks, credit unions and building societies across the country will now begin rolling out services to their customers which will make use of the platform's capabilities.

"The new payments platform has a unique layered "open access" design which allows for different entities to leverage the platform's functionality in different way", Lovney said in a statement.

"These could be payments experiences, or they could be business applications that enable significant organisational efficiencies".

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