Understand the NPP
Before you get started with making Real time payments, it’s worthwhile understanding why they are now possible. Previously, transferring funds between accounts and between financial institutions could take some time. For example, we’ve always made it possible for our customers to transfer funds between Greater Bank accounts online instantly. On the other hand, no matter who you bank with, transferring funds between institutions could take between 1-3 business days. Hardly ideal when you’re just trying to fix up a mate for your share of lunch, or you’re a sole trader looking to get paid.
The New Payments Platform (NPP) is the infrastructure project which has made real-time payments between financial institutions possible. It’s the first time the Australian Banking Industry has joined forces on a project of this scale, and it’s completion means that if your bank is on board, you’ll be able to make and receive real-time payments. The first product to be rolled out using NPP technology is Osko by BPAY®, and Pay ID.
Before you get started with making Real time payments, it’s worthwhile understanding why they are now possible. Previously, transferring funds between accounts and between financial institutions was a bit of a lottery. For example, we’ve always made it possible for our customers to transfer funds between Greater Bank accounts online instantly. On the other hand, no matter who you bank with, transferring funds between institutions could take between 1-3 business days. Hardly ideal when you’re just trying to fix up a mate for your share of lunch, or you’re a sole trader looking to get paid.
The New Payments Platform (NPP) is the infrastructure project which has made real-time payments between financial institutions possible. It’s the first time the Australian Banking Industry has joined forces on a project of this scale, and it’s completion means that if your bank is on board, you’ll be able to make and receive real-time payments. The first product to be rolled out using NPP technology is Osko by BAY, and Pay ID.