Australia's real time payments platform NPP achieves important milestones

Friday 6 November 2020 12:29 CET | News

Australia’s centralised real time payments platform New Payments Platform (NPP), which was launched in 2018, has released some data on transaction volumes and revealed its product roadmap.

Some of the key milestones NPP has achieved, cited by Payments Journal include:

  • Over 100 banks, credit unions, building societies, and fintechs are connected to the NPP, eleven directly and over 90 indirectly. That is about two thirds of the financial institutions which creates the needed network effect.
  • More than 20% of account-to-account credit payments are now done via the NPP, many assumed to be B2B.
  • As transaction volumes grow, the NPP wholesale transaction cost ‘continues to decline’ and is now below 10 cents.
  • The number of PayIDs registered now exceeds 5.4 million. This number has increased by 36% since the start of 2020, with an average of 150,000 PayID registrations added every month. PayIDs are a token or alias that represents an account number that is used across all payment types conducted on the NPP network.

The international payments business service roadmap includes addition of financial institutions over the next 12 months.

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Keywords: Australia, NPP, real time payments, banks, credit unions, building societies, fintechs, financial institutions, account-to-account credit payments, PayID
Categories: Banking & Fintech
Countries: Australia
This article is part of category

Banking & Fintech