Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Australia’s New Payments Platform officially launched today

Australia’s New Payments Platform officially launched today

The New Payments Platform (NPP) was officially
in Australia today to support the need for real-time payments of
its digital economy.

The NPP began as an industry-wide collaborative program to
develop new, fast, flexible and data-rich payments infrastructure for
Australia. Today’s launch of the New Payments Platform is the result of collaboration
between 13 members of Australia’s financial services industry, including
Australia’s four major banks and the Reserve Bank of Australia. Going forward,
a large number of additional financial institutions are expected to connect to
the infrastructure through one of the initial participants.

Services that use the Platform’s capabilities will be rolled
out soon from about 60 banks, building societies and credit unions across the
country, giving consumers and businesses the ability to transfer money
instantly between accounts at different financial institutions at any time of
day, any day of the year. They will also be able to include more accompanying
information with these payments than ever before.

SWIFT (Society for Worldwide Interbank Financial Telecommunication) has designed, built, and will operate the infrastructure behind the NPP. The solution uses local network access points to switch payments between the participating banks and the Reserve Bank of Australia. The domestic messaging channel is a point messaging solution allowing participants to exchange a high volume of messages in-country, with low latency on a 24×7 basis. The distributed nature of the switch prevents the possibility of a single point of failure in the system. The SWIFT interface deployed to each NPP participant, will orchestrate clearing and settlement flows between the participating banks and the Reserve Bank of Australis, and potentially additional flows such as payment initiations that are entered into the system by directly connected value added services (overlay services). ISO20022 will be utilised to provide XML-based messaging standards across the solution

As reported
previously, the system allows recipients to use their phone number, email
address or an Australian Business Number (ABN) to facilitate transfer of fund with
a simple addressing capability called PayID.

The CEO of NPP Australia, Adrian Lovney, said that over time
more payments products and services are likely to make use of the New Payments Platform’s
PayID functionality.

“PayID will make payments simpler because it means you don’t
have to remember, or share, your BSB and account details with others. Being
able to see the name of the person you are paying before you confirm the payment
provides more reassurance,” Mr Lovney said.

The Platform went live in November last year and has
supported funds transfers between employees at a number of different banks,
building societies and credit unions. The Platform’s public launch occurred at
12.01am, when Mr Lovney marked the occasion by making a donation to the Alannah
and Madeline Foundation Charity for Children.

“As you can imagine, rolling out something as complex as
real-time payments can’t simply happen overnight – it needs to be carefully
planned. We do expect that within about a month after launch around four in
five Australian accounts will be connected to the Platform, through a wide and
diverse range of banks, building societies and credit unions. And because the
Platform can support multiple products like Osko by BPAY, and the ways in which
consumers and businesses will benefit will only grow and evolve over time,” Mr
Lovney said.

from the BPAY Group is the first product to be developed using the Platform’s
capabilities. As it rolls out to the first wave of participating financial
institutions, it will be available through online or mobile banking
applications without the need to download an app or go to another website.

John Banfield, CEO of BPAY Group said, “Osko by BPAY is a
big step forward for Australian payments. It will make payments faster, easier,
and more convenient than ever before. With Osko, you’ll no longer have to dash
to the ATM late at night to get money for the babysitter. You’ll be able to pay
them on the spot in under a minute, in your secure banking environment, 24 hours
a day, seven days a week.”

“Most Australians will be able to use Osko in the next few
months as it rolls out across financial institutions. Each institution will
tailor the experience to best meet the needs of their customers. They will all
make payments to a PayID possible within Osko — which makes using Osko even
easier,” Mr Banfield added.

The federal government welcomed the launch of the new platform. The Hon Scott Morrison MP, Treasurer of the Commonwealth of Australia said, "The launch today complements the Government's FinTech agenda, and I look forward to the development of other NPP services that will add even more convenience, functionality and efficiency to how individuals and businesses make payments."


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit