With the new platform, Australians can now transfer money 24/7 on any day of the whole week.
The NPP works like a "secure set of rails" between banks so they can send payment messages in real time to each other via the Reserve Bank. The system will enable the linking of an account to an identifier such as a phone number, email address or ABN (depending on the particular financial institution involved).
"Osko will be the first product that will bring the Platform's capabilities to life - it will be great to see Osko deliver the Platform's benefits to Australian consumers and businesses". Rather than requiring someone's BSB and account number in order to transfer money to them, a PayID can be used instead.
In the consumer segment, Australian payment service provider Bpay is rolling out Osko, the first overlay service to ride on the NPP.
The Platform went live in November past year and has supported funds transfers between employees at a number of different banks, building societies and credit unions.
Following an RBA review in 2012, the NPP was established a year later, and reportedly involves an initial group of thirteen shareholders including; ANZ, nab, Macquarie Bank, Westpac, Commonwealth Bank, ING Direct, HSBC Australia, Citigroup, Bendigo and Adelaide Bank.
John Banfield, CEO of BPAY Group said, "Osko by BPAY is a big step forward for Australian payments". 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.
For more information or to register for a PayID visit the RACQ website.
"We will be announcing how we will roll out real-time payments to all our customers across Australia in the coming weeks", a spokesperson said. The NPP went live today but no other banks appear to have made a decision to start offering it immediately.
Banking customers attempting to create their PayID - a feature of the newly launched New Payments Platform - were hit with error messages and delays yesterday as the addressing database behind it suffered "temporary congestion". "The NPP has a unique layered "open access" design which allows for different entities to leverage the platform's functionality in different ways", he said.
About 60 banks, credit unions and building societies will initially be connected to the NPP. This simplified approach will help businesses to make payments quickly and efficiently and let them get back to running their business.
"Innovative organisations can choose to build upon the platform's capabilities to develop and launch "overlay services" on the platform".
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