Subscribe

The new payments platform will change the way Australia does business

The recently forged New Payments Platform, with 12 financial institutions signed up to take part, will change the way Australia does business. With the ability to receive real time payment confirmation, businesses and individuals will have greater confidence to exchange.

However, the investment required is significant, and it’s clear that institutions unable to keep up will quickly lose favour with their customers. Phil Chronican talks to BlueNotes about the NPP and what it will mean for the Australian financial system.

"It’s that instantaneous speed and confirmation that a payment has been made that’s going to change the way business is done."

The new payments platform will change the way Australia does business

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

editor's picks

02 Dec 2014

Flagfall finally for Australia’s real time payments revolution

Andrew Cornell | Managing Editor bluenotes

After a few delays and strong arming from the Reserve Bank of Australia, sufficient financial institutions, including the big banks, have now signed up to build Australia’s real time payments system, the prosaically named 'New Payments Platform', the NPP.

18 Nov 2014

It takes more than two to tango in the new world of payments

Andrew Cornell | Managing Editor bluenotes

It now seems likely, following some very strongly encouraging words by Reserve Bank of Australia governor Glenn Stevens in a recent speech, that enough major payments-industry participants have signed up to make a start on Australia’s long-expected real time payments platform.