The New Payments Platform (NPP) was made publicly available today with customers of more than 60 banks, credit unions and building societies now able to receive real-time payments. 40 of these are connecting via Cuscal, greater than 50% of the total, and we will be connecting more later this year.
Financial institutions will roll out NPP services in their own time. Most of our clients have full functionality now (including registering a PayID and making and receiving payments via Osko) others will roll things out more slowly, in the coming days, weeks and months. New Payments Platform Australia (NPPA) estimates that 4 out of 5 Australian bank accounts will be able to accept NPP payments within a few weeks of launch. All participating financial institutions are listed on the NPPA website.
Commenting on the launch of the NPP, Cuscal MD Craig Kennedy, said:
“Today really is a landmark day for banking and payments in Australia; the launch of a totally new infrastructure for payments happens very rarely. We’re delighted that we’ve been able to play a key role in the build and launch of the New Payments Platform and that so many of our clients can share this great day with us.
Australians have been rightly annoyed that it took so long for money to move between accounts at different institutions. Now, for customers at forward-thinking financial institutions that’s a thing of the past. It just goes to show that no matter how large or small your financial institution is, it can give you the latest and greatest payment innovations just as quickly as the biggest banks in Australia.”
The NPP is a brand new infrastructure for payments which has been collaboratively developed by 13 financial institutions, including Cuscal, to make payments faster, simpler and smarter for all Australians. These financial institutions mutually own New Payments Platform Australia Ltd (NPPA) which is responsible for building and operating the NPP. Cuscal MD Craig Kennedy sits on the board of NPPA.
The finance brands now connected to the NPP via Cuscal are:
Jake Waddell email@example.com 0417 312 902