The New Payments Platform (NPP) created in 2018 by the Reserve Bank of Australia has released its roadmap, with changes that will be rolled out from late 2021.
The NPP currently allows consumers to send money to another person or business with an Australian bank account almost instantly, something that previously took up to three days. New changes outlined in the roadmap include plans to move into payments initiated by someone who is not the account holder, eliminating “pain points”. The new changes would see consumers gain more control over their direct debits, allowing for easy tracking of which businesses are making deductions and cancel them if they wish.
The Federal Parliament’s 2016 banking inquiry noted that when using ‘PayID’ shifting a customer’s regular outgoing and incoming payments will be as simple as changing the relevant link. With Open Banking set to be fully introduced in Australia from February 2019, switching banks looks to be simpler than it’s ever been before.
The roadmap also includes structured data capabilities, which will support business to business payments and commercialisation opportunities such as payroll and superannuation. The NPP boasts a 24/7 service and as of mid-October 2019 was processing 750,000 payments worth USD 750 million each day.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.