A key standout for the New Payments Platform is its enhanced data capability through the application of ISO20022, a global message standard currently adopted by Denmark’s RealTime24/7, Sweden’s BiR and Singapore’s FAST payment systems.
This capability enables more information to be embedded into payment messages for straight-through-processing and can provide links to externally hosted documents.
Another world-leading aspect of the platform’s design is the ‘layered architecture’ which enables innovative payments or data-focused organisations to build products or services ‘on top’, leveraging its capabilities.
The platform has the potential to support multiple and competitive offerings, making it a potential breeding ground for innovation.
We call these offerings ‘overlay services’ and the first to be launched from the Platform is Osko by BPAY. Osko will be offered to consumers via their usual digital banking service, offering payments that will be made mostly in under a minute, 24/7, 365 days a year.
Overtime the Osko product will evolve to also offer payment with a document and ‘request to pay’ functionality for account-to-account payments, positioning it as a real challenger within the peer-to-peer payments market.
Built from the ground up, the NPP’s open and layered infrastructure is scalable for the future and can be accessed by organisations looking to create a faster and more efficient ways of conducting business.
Its messaging capabilities present a huge amount of potential for a myriad of other use-cases which could involve ecommerce, government or taxation payments, or business to person payments like superannuation contributions or single touch payroll.
As businesses continue to digitise their back-offices and enable rich data services for consumers, delivered digitally, the NPP will be another building block that will enable services to be delivered in the way today’s consumers expect. That’s something to keep an eye out for in the future.
Many payments technologies around the world feature a various amount of these elements. The NPP will have all of them alongside real-time settlement.
As Australian financial institutions learn from the experiences from overseas and gear-up for the arrival of real-time payments on our shores, let’s take a look at what other countries have on offer.
Adrian Lovney is CEO at NPP Australia
ANZ will inform customers when faster, simpler, smarter payments are available