Real time payments
The digital age of faster and simpler payments is coming.
Sending and receiving money via electronic systems is nothing new, yet Australia's payment system hasn’t changed much since the 1980s. It’s slow, it’s clunky, and it limits evolution.
The system is about to change.
In today's world, immediacy is key. You expect electronic payments to be fast, convenient and easy.
Australia’s New Payments Platform (NPP) is anticipated to arrive in early 2018. Once it’s here, you’ll be able to electronically send and receive money in near real time.
The future of payments is coming. Stay tuned.
What is the NPP?
The NPP is a centralised, lightning-fast, state-of-the-art network that will let you transfer money in almost real time.
The key features of the NPP are:
- Fast – currently, a Pay Anyone payment can take up to 3 days to clear, but with the NPP you’ll be able to send payments in near real time. Funds will be almost instantly available to the recipient of your payment.
- 24/7 availability – you’ll be able to send and receive payments between different banks, at any time, day or night.
- Simpler addressing – linking your email or mobile phone number to your account means you won’t need to remember your BSB / account number any more.