The platform aims to provide members real-time payments that can be cleared and settled within seconds. The financial service provider has opted for a hybrid cloud solution that uses IMB PureApplication Systems and IMB expertise.
Due to go live in the second half of 2017, the NPP is an industry-wide initiative to develop new national infrastructure for payments in Australia, and is the Australian payment industrys response to the Reserve Bank of Australias strategic review on innovation. SWIFT will also support the new platform.
The SWIFT NPP Basic Infrastructure connects NPP participants and enables control over processing the flows of payments and settlements.
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