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As a wholly owned subsidiary of Australian Payments Plus, NPP Australia is responsible for maintaining and developing the Platform to ensure it evolves to meet the future needs of our industry, consumers and businesses. Our approach to enabling access to the infrastructure is focused on encouraging competition within the Australian financial services sector.
There are more than 100 financial institutions that offer NPP enabled services to their customers. Fourteen of these have opted to be directly involved in the clearing and settling of NPP payments.
Our Story
The New Payments Platform is the result of unprecedented industry collaboration in response to a review of the Australian payments system by the RBA’s Payments System Board in 2012. This review identified opportunities for the Australian payments system, principally the capability to make payments in real-time.
This prompted the Australian Payments Network (previously APCA) to bring together a number of industry representatives to form the Real-Time Payments Committee (RTPC).TheCommittee submitted a proposal based on findings and key learnings from other international payments systemsthat were evolving to support real-time payments.
This proposal recommended a ‘layered architecture’ for payments clearing and settlement, that could offer a wide range of new real-time payment services to consumers, businesses and governmentagencies. Following this proposal, APCA engaged KPMGto coordinate the NPP Program and the industry effort to bring the NPP to life.
NPP Australia Limited was formed in August 2014 to oversee the build, operation and management of the Platform and in September 2016, Adrian Lovney was appointed as the inaugural CEO.
The NPP went live in November 2017, supporting payments first between a small number of employees working at the initial participating financial institutions.These institutionscommenced rolling out services to their customerson Tuesday, 13 February 2018 and the first official paymentmadeon the NPPwas a donationto the Alannah and Madeline Foundation Charity for Children.
Since then a vibrant ecosystem of participating financial institutions have commenced rolling out NPP-enabled payments to their retail, business and corporate customers.
In 2022 NPP Australia merged with eftpos and BPAY Group to form Australian Payments Plus. This ACCC approved amalgamation will enable better coordination of investment across the three payment schemes, creating a more innovative and sustainable Australian payments landscape.
