Wise approved to join Australia's New Payments Platform

Monday 27 September 2021 14:53 CET | News

Wise, a UK-based multi-currency accounts and international transfer company, has been approved to join the New Payments Platform (NPP) as a participant and shareholder.

The move will allow Wise Australia to connect directly to the NPP to clear and settle real-time payments and the regulator, APRA, granting Wise Australia a limited ADI licence late last year. Fintechs need to have an ADI to be involved in the NPP.

The idea for a new instant payments platform for low value payments was first put forward in an RBA strategic review into payments innovation in 2012. NPP Australia was formed in August 2014 charged with the build, development and management of the system. Its first iteration as a payments platform came in early 2018 with the launch of PayID.

NPP is mutually owned by 13 companies, including the Big 4 banks, the RBA, Cuscal, Citi, Macquarie, Bendigo bank and others. Organisations connecting directly to the NPP to clear and settle payments must join NPP Australia as a shareholder. Wise will be the company’s 15th shareholder.

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Keywords: regulation, fintech, instant payments
Categories: Payments & Commerce | Online Payments
Countries: Australia
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