Australia: Banks to switch to real-time payments from Australia Day

The New Payments Platform (NPP) is well on track to be able to deliver real-time bank transfers as of late January 2018.

The project has been ongoing for some time now and has been scheduled to go live to staff from participating banks within the next month for testing. After post-testing the roll-out of real-time payments to millions of customers is expected soon after Australia Day.

The biggest advantages of the NPP for consumers are convenience and timeliness as funds will be able to be transferred from one account to another regardless of the institution within seconds using simpler identifiers that the customer has chosen such as an email address or mobile number.

According to RFi Group data, more than half of transaction account holders rate the ability to make a transfer or payment through their account and have the amount cleared instantaneously highly important. Those same customers rate just as highly the ability to receive fund transfers or payments in real time. This feature rated strongly among those aged 35 and above.

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