NPP is Australia’s real-time payments system that allows money to move between different financial institution NPP-connected accounts in seconds. Currently, the system supports credit or ‘push’ payments that customers initiate themselves from their accounts. However, with PayTo, users will now also be able to authorise third parties that can initiate payments on their behalf at the NPP network level.
As part of its current, ongoing back-office support for Cuscal's NPP settlement and disputes processing, BHMI's Concourse will help extend these functions to the new PayTo capabilities. This will include new reporting functions and support for disputes related to PayTo investigations and claims that pass through Cuscal’s API connection with the NPP system. Like current NPP transactions, PayTo functions must align to ISO 20022 standards that provide a common messaging language for end-to-end payments from an individual to a business.
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