New Payment Platform

New Payment Platform

New Payments Platform – Innovate the way we pay

What is NPP?
The New Payments Platform is a world-class payments infrastructure for the Australian economy. It gives consumers, businesses and government departments a platform to make fast, versatile and data-rich payments to meet the evolving needs of a 24/7 digital economy.

The NPP platform is collaboratively developed by NPP Australia Ltd and 13 financial institutions. A large number of additional financial institutions are now connecting to the infrastructure through one of the initial participants. At present, a majority of Australian bank accounts are able to receive faster data-rich payments. This reach will gradually increase as more financial institutions and organizations connect to the platform over time.

How payments are made?

  • Made using an Australian BSB and Account Number.
  • Made to a registered Alias (like a phone number or email address).
  • Scheduled for a future time.
  • Sent using Osko by BPAY which works seamlessly with PayID, allowing transfer to be completed within 1 minute,24/7.

Why NPP?

  • Simpler IDs: PayID renders money transfers easier. Hard-to-remember BSBs and account numbers can be swapped with PayID such as mobile number, email address or ABN.
  • Quicker transfers: NPP offers Payment Processing in Real-Time, which allow money is sent and received almost instantly – in less than a minute – 24/7, 365 days a year.
  • Richer descriptions: NPP allows more room to add a description to their payments. Payers can use up to 280 characters including emojis to describe their transfers.

How does it work?

The New Payments Platform works through three important parts


The ‘Basic Infrastructure’

The Basic Infrastructure includes a network (which connects participants), a switch (which moves messages between participants via the network) and an Addressing Service which enables transaction accounts to be identified by a simpler payment address.

The Fast Settlement Service

The Fast Settlement Service (FSS) enables every single payment made on the platform, regardless of its size, to be settled in real-time in central bank funds, across each financial institution’s Exchange Settlement Account (ESA).

Overlay Services

Overlay Service can leverage the benefits of the Basic Infrastructure. This is where the New Payments Platform breathes life into innovation and competition. The first Overlay Service to go live on the platform will be Oskoby BPAY.