New Payments Platform Empowers Fast and Secure Transactions for All

The New Payments Platform is a game-changer for fast and secure transactions. It allows for real-time payments, 24/7, 365 days a year, making it an incredibly convenient option.

With the New Payments Platform, you can make payments to anyone with an Australian bank account, regardless of their bank or financial institution. This means you can send money to friends, family, or even pay your bills without any hassle.

The platform is designed to be highly secure, with robust risk management and anti-money laundering measures in place to protect your transactions.

The New Payments Platform (NPP) offers numerous benefits and features that make it an attractive option for businesses, governments, and consumers.

Industry benefits include refunding cash or cheque payments for returned or faulty goods, receiving payments prior to goods or service dispatch, and accelerating receipt of funds.

One of the key advantages of NPP payments is that they are near instant, data-rich, and can be made at any hour of the day, seven days a week, 365 days a year. This provides a real-time digital payments experience that consumers expect and the efficiencies that businesses need.

NPP payments can process, settle, and reconcile in seconds, allowing recipients to have immediate use of funds and improving cash flow. This is especially beneficial for businesses that need to manage their working capital effectively.

NPP has given businesses, governments, and consumers a platform to make fast, near real-time, and data-rich payments – meeting the needs of the 24/7 digital economy.

Here are some of the benefits of NPP payments:

Mandated industry-wide scheme SLAs mean payment responses are received within minutes, providing a high level of process efficiency.

The New Payments Platform (NPP) enables real-time clearing and settlement of account-to-account transactions. This means that payments are processed and settled in real-time, rather than taking hours or days to settle.

The NPP supports near real-time payments, with fast clearance times and settlement credits appearing in accounts typically within approximately 60 seconds. This is in line with the 99% Osko SLA, which is available when the sending and receiving accounts are capable of processing faster payments.

Here are some key benefits of real-time payment and settlement:

The NPP enables businesses to configure high-volume, time-critical, end-to-end payment flows that flex and scale. This makes it an ideal solution for complex enterprise payment flows where every second counts.

The New Payments Platform (NPP) is all about accessibility and innovation. NPP infrastructure supports 'overlay' services like Osko by BPAY to offer payment innovations to end-users.

One such innovation is PayID, a new way to address payments on the NPP. PayID services include file translation, making it easier for businesses to manage their payments.

NPP has given businesses, governments, and consumers a platform to make fast, near real-time and data-rich payments – meeting the needs of the 24/7 digital economy.

Zepto is a directly Connected Institution (CI) on the NPP for PayTo, and enjoys wholesale access to the NPP as an NPP Participant. This means businesses like Zepto can offer real-time payments to their customers.

Here are some of the key services offered on the NPP:

The New Payments Platform offers numerous benefits for industries and partnerships.

Refund cash or cheques for returned or faulty goods, receive payments before dispatch, and accelerate receipt of funds are just a few ways the platform can help.

The platform also allows for partial refunds for lease cancellations, payroll under BCP conditions, and registration payments.

Here are some key benefits for industries and partnerships:

The NPP has a fascinating origin story. Launched in 2018, it was designed to meet the evolving needs of Australia's digital economy.

It's a step-change from the old ways of doing business, which relied on bank transfers and direct debits. The legacy system, BECS, has been serving Australia well since the 1980s, but it only worked on business days.

The NPP was created to be faster, more flexible, and more secure than its predecessor. It's a significant improvement that's been years in the making.

Industry Benefits are numerous, and I'm excited to share some of them with you. NPP payments can process, settle, and reconcile in seconds, allowing recipients to have immediate use of funds and improving cash flow.

Refund cash or cheque payments for returned or faulty goods can be made quickly and easily. This can be a huge time-saver for businesses and help maintain a positive customer experience.

Accelerate receipt of funds is another advantage of NPP payments. This means businesses can get paid faster, which can help with cash flow and financial planning.

NPP payments can also be used to make partial refunds for lease cancellations, payroll under BCP conditions, and registration payments. These are just a few examples of how NPP payments can be used in different industries.

Here are some examples of industry benefits:

These are just a few examples of the many industry benefits of NPP payments. By using NPP payments, businesses can improve their cash flow, reduce the reliance on bank cheques, and provide a better customer experience.

Connecting organisations to the New Payments Platform (NPP) is a crucial step in streamlining cash management and payment processes. There are various ways organisations can access the NPP, depending on their specific needs and requirements.

One option is to become a Participant, which allows for direct access to the NPP and its features, such as domestic and international payments, transfers, and balance and transaction history. This is a great option for organisations that want to have full control over their NPP interactions.

Organisations can also access the NPP through a Settlement Participant, who acts as an intermediary between the organisation and the NPP. This can be a good option for organisations that don't need direct access to the NPP but still want to take advantage of its features.

Other options for connecting organisations to the NPP include Identified Institution, Connected Institution, and Overlay Service Provider. These options offer varying levels of access and control, and organisations should choose the one that best fits their needs.

Here are the different ways organisations can access the NPP:

The New Payments Platform (NPP) is a game-changer for fast payments in Australia, launched in February 2018.

The NPP infrastructure supports the independent development of 'overlay' services to offer innovative payment services to end-users. This means businesses and individuals can create new payment solutions on top of the NPP.

In 2012, the Reserve Bank published the Conclusions of the Strategic Review of Innovation in the Payments System, setting out strategic objectives for the Australian payments system. The Reserve Bank played a significant role in establishing the broad direction of the industry's efforts and built the settlement component of the NPP, known as the Fast Settlement Service.

The NPP allows transactions to be settled individually on a 24/7 basis, in close to real time. This means payments can be made and received outside normal business hours.

Zepto's API is built as a RESTful API using JSON as its data-interchange format, allowing for standardisation, automation, and improved reporting of data-rich payments.

Zepto's API is aligned to the ISO 20022 messaging standard, enabling the carriage of data-rich payments.

You can check the real-time view of Zepto's API status and uptime by clicking HERE.

Zepto is proudly ISO/IEC 27001 certified for information security, cybersecurity, and privacy protection.

This certification ensures that Zepto's platform meets strict standards for data protection and security.

The NPP was built using ISO20022 to enable more data. This allows for a lot more information to be sent with each payment.

Up to 280 characters can travel with every payment, making it easier to reconcile invoices and keep records.

NPP payments are real-time, so you can make payments at any hour, 24/7, 365 days a year.

PayID is a simpler way to address payments, using an easy-to-use identifier like a mobile number or email address.

Data-rich payments (CAT SCT) allow for the embedding of data and classification of payment types, such as payroll or tax.

ANZ Fileactive is a flexible file transfer and data messaging exchange solution that integrates with ANZ banking services, including NPP payments, allowing for straight through processing from ERP and TMS.

It utilises standards such as sFTP, AS/2, and REST APIs, along with various security methods.

If you're an existing ANZ customer, you can speak to your Relationship Manager or Account Manager for more information.

For general enquiries, you can contact ANZ from within Australia.

The New Payments Platform (NPP) is a game-changer in Australia, launched in February 2018. It's open access infrastructure for fast payments, enabling households, businesses, and government agencies to make simply addressed payments with near real-time funds availability to the recipient, on a 24/7 basis.

The NPP was developed through industry collaboration to address strategic objectives set out by the Reserve Bank in 2012. These objectives included making real-time payments, sending more complete remittance information, and addressing payments in a simple way.

The NPP infrastructure supports the independent development of ‘overlay’ services to offer innovative payment services to end-users. This means businesses and individuals can create new payment solutions using the NPP.

The Reserve Bank played a significant role in establishing the NPP, building the settlement component, known as the Fast Settlement Service, which allows transactions to be settled individually on a 24/7 basis, in close to real time.