New Payments Platform

The New Payments Platform (NPP) is an industry-wide payments platform for Australia, national infrastructure for fast, flexible, data rich payments in Australia. It was first made accessible to the general public on 13 February 2018 with the launch of PayID, a simple addressing capability, and Osko,[1] the first NPP Overlay Service, operated by BPAY. As of 2020, more than 60 Australian banks have adopted the system.

New Payments Platform Australia
Founded2013
HeadquartersAustralia
Websitewww.nppa.com.au

The new instant payment platform for real-time low value payments was in response to the Reserve Bank of Australia's Payment System Board’s Conclusions to the Strategic Review of the Innovation in Payments System publication.[2] The NPP was announced in July 2013 by APCA.[3] In December 2014, the Program proceeded to the third phase, "design, build and test". In 2015 a contract was signed with SWIFT to design, build and operate the platform.[4]

PayID
ComparePayIDBank Transfer
Transfer TimeLess than 1 minute, normally [5]Up to 3 Working Days
ActivationOpt-In, via your bankAlways
Payee IDPhone number, email or ABNs[6]BSB & Account Number
WithdrawalsNeverPossible (if they have your password)
Direct DebitNeverPossible
Availability24/7Banking hours only
Full Payee NameConfirmed before approvalIgnored
Transfer description280 characters inc emoji18 characters
Remitter namePersonal/Business account name16 characters
Change accountsKeep same PayID or make a new oneSame BSB & new account number
Switch banksKeep same PayID or make a new oneNew BSB & new account number
Multiple ID'sUse multiple emailsNever
Pay OverseasIn the near futureCurrent

PayID will coexist with the BSB and account number addressing scheme.

Osko

Osko is owned and operated by BPAY, and operates on the NPP as an overlay service.

It uses PayID as a reference for payments. Payments are instant to accounts that have been transferred to previously.

References
  1. "Osko by BPAY". www.osko.com.au. Retrieved 3 November 2017.
  2. Strategic Review Report
  3. Industry wide program to develop the New Payments Platform gets underway. Retrieved 8 July 2013.
  4. NPP Phases 3 and 4. Retrieved 30 October 2015
  5. https://www.rba.gov.au/publications/bulletin/2018/sep/the-new-payments-platform-and-fast-settlement-service/
  6. https://payid.com.au/


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