The New Payments Platform (NPP), operated by New Payments Platform Australia Ltd (NPPA) 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, the first NPP overlay service, operated by

BPAY BPAY, (BPAY Group Holding Pty Ltd), is an Australian electronic bill payment SaaS company which facilitates payments made through a financial institution's online, mobile or telephone banking facility to organisations which are registered BPAY bi ...

. As of 2020, more than 60 Australian banks have adopted the system. The new

instant payment Instant payment (sometimes referred to as real-time payment or faster payment) is a method of exchanging money and processing payments, allowing for almost immediate transfer of money between bank accounts, instead of the more typical one to thr ...

platform for real-time low value payments was in response to the

Reserve Bank of Australia The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the ''Reserve Bank Act 1959'' removed the central banking functions from the Commonwealth Bank. T ...

's Payment System Board’s Conclusions to the Strategic Review of the Innovation in Payments System publication. The NPP was announced in July 2013 by APCA. In December 2014, the Program proceeded to the third phase, "design, build and test". In 2015 a contract was signed with

SWIFT Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT, ...

to design, build and operate the platform. In September 2021, the

Australian Competition and Consumer Commission The Australian Competition and Consumer Commission (ACCC) is the chief competition regulator of the Government of Australia, located within the Department of the Treasury. It was established in 1995 with the amalgamation of the Australian Tra ...

(ACCC) authorised a proposed merger of the New Payments Platform with

Eftpos Electronic funds transfer at point of sale (EFTPOS; ) is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS t ...

and BPAY Pty Ltd.

PayID and PayTo routing

PayID is NPP's addressing service to enable payments. Its PayTo facility allows for payments to be sent by a user to a PayID. The following chart compares PayID mobile payments via NPP to electronic payments, or bank transfers. PayID will coexist with the BSB and account number addressing scheme.

Osko

Osko is owned and operated by

, 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. In the Spring of 2021, the NPPA caused a write-down of Osko, which, in turn, Osko attributed to a change in NPPA strategy.

References

Banking in Australia Financial services companies of Australia Online financial services companies of Australia Financial services companies established in 2013 Computer-related introductions in 2013 Payment networks Payment service providers {{Australia-stub