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The New Payments Platform (NPP), owned and operated by New Payments Platform Australia Ltd (NPPA) is a national industry-wide real-time payments platform for Australia. As of April 2025, there are over 25 million registered PayIDs.


History

The new
instant payment Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times o ...
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. Th ...
'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 the
Australian Payments Clearing Association Australian Payments Network Limited (AusPayNet), formerly the Australian Payments Clearing Association (APCA) is the self-regulatory body set up by the payments industry to improve the safety, reliability, equity, convenience and efficiency of pa ...
. 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 * SWIF ...
to design, build and operate the platform. It took approximately 6 years to implement and became accessible to the general public on 13 February 2018 with the introduction of PayID, an 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 bil ...
. In September 2021, the
Australian Competition & 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 of eftpos Payments Australia and BPAY.


Services


PayTo

The Mandated Payment Service is now known as PayTo. It is a system for enabling "withdrawals" on the NPP whereby businesses to initiate real-time payments from a customers’ bank account. The NPP does not inherently support "withdrawals", so the service provides an overlay allowing the "withdrawing" party to create a payment order and authorisation request. . PayTo can also be used by third parties to conduct payments on behalf such as for corporate payroll and accounts payable.


PayID

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
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 bil ...
, 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 2021, BPAY attributed a change in NPPA strategy (particularly the announcement of MPS, the Mandated Payment Service), as the cause of
write-down A write-off is a reduction of the recognized value of something. In accounting, this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses ...
in the value of their Osko business.


NPP Australia

NPP Australia is a non-profit public company established to oversee the operation of the NPP and is owned by 13 shareholders. It is governed by a board of 12 voting Directors, including 3 independent Directors, and the RBA.


Participant Banks

Financial institutions need to ensure that their NPP services can reliably handle the full range of payments. All NPP Participants must meet availability requirements of no more than two minutes outage per month. The below 14 banks directly participate in both clearing and settling NPP payments: * ANZ ($1,000 to $25,000 limit depending on account type, ANZ Shield, payment details with 280 characters of description) *
Bendigo and Adelaide Bank Bendigo and Adelaide Bank (trading as Bendigo Bank), is an Australian financial institution, operating primarily in retail banking. The company was formed by the merger of Bendigo Bank and Adelaide Bank in November 2007. Prior to the merger, B ...
* CBA (up to $10,000 for personal accounts, upto $150million for business accounts, two-factor authentication, ability to block/unblock PayID) *
Cuscal Cuscal Limited is an Australian company that provides payments and data to Australian Banks, credit unions, mutual savings banks, corporates and Fintechs. Cuscal is regulated by the Australian Prudential Regulation Authority (APRA) as an Aust ...
*
HSBC HSBC Holdings plc ( zh, t_hk=滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business li ...
* Indue *
ING Ing, ING or ing may refer to: Art and media * '' ...ing'', a 2003 Korean film * i.n.g, a Taiwanese girl group * The Ing, a race of dark creatures in the 2004 video game '' Metroid Prime 2: Echoes'' * "Ing", the first song on The Roches' 199 ...
(default limit of $20,000, two-factor authentication, ability to manage PayID through the ING app *
Macquarie Bank Macquarie Group Limited (), more commonly known as Macquarie Bank, is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the ASX (). Macquarie's investment banking division is Au ...
* NAB (default limit of $20,000, SMS security codes, PayID management through online banking). * WBC (limit of AUD 250 per transaction or $1,000 daily, Westpac Protect Security Code, Osko services from BPAY)


Controversy


Online scams

PayID has been noted in Australia as a vehicle for online scammers on social media marketplaces.


References

Banking in Australia Financial services companies of Australia Online financial services companies of Australia Financial services companies established in 2013 Internet properties established in 2013 Payment networks Payment service providers 2013 establishments in Australia {{Australia-stub