12 Oct 2017
The NPP will force a digital transformation right across the payments landscape, according to two leading industry voices, as businesses transform their infrastructure in order to meet new consumer expectations.
Speaking to bluenotes in a podcast ahead of the launch of the NPP in early 2018, Nigel Dobson, ANZ’s Domain Lead Banking Service and NPP Australia Board Member, and Adrian Lovney, CEO at NPP Australia, said more and more businesses would look to embrace the NPP once they see what it can do for their customers.
" If you can … put the money in someone’s account five minutes later then you really are transforming a customer experience." - Adrian Lovney, CEO NPP Australia
“That’s the kind of framing I love to see when big customers think it through, consider the challenges [of the NPP] but then consider the opportunities,” Dobson said.
Slated for launch in 2018, the NPP will allow customers from participating financial institutions to send and receive money almost instantly, using a simple addressing service called PayID which shares more information than existing payments tech.
Lovney said the digitisation of payments aligns with the changes happening in other parts of larger business, particularly insurers.
“If you can assess and pay claims almost instantly and then put the money in someone’s account five minutes later then you really are transforming a customer experience,” he said.
Dobson said insurers, superannuation and other service-based financial providers which have been traditionally quite analogue are going through a digital transformation now.
“What they probably haven’t yet got to is the realisation that the payment execution can happen really quickly as well,” he said. “So they’re going to have to build that in.”
Lovney said the NPP would allow organisations going through digitisation to think about deep integration between their systems – including through the use of blockchain around smart contracts.
The two experts also touched on security and protection against fraud around the NPP, the developing launch timeline and the level of industry collaboration around the launch.
Listen to the podcast above to find out more.
Kate Sutherland is a bluenotes contributor
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
12 Oct 2017
13 May 2016