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Australia rolls out real-time payments

GRC Announcements | March 1, 2018

Australia has publically launched its New Payments Platform (NPP), a landmark payments industry initiative set to revolutionize the way payments are made domestically.

NPP Australia selected SWIFT—a global member owned cooperative and the world’s leading provider of secure financial messaging services—as the vendor to design, build, and operate the basic infrastructure of this payments industry initiative. SWIFT will also play a key role in operating the infrastructure for the NPP.

The NPP’s paradigm-shifting financial architecture has been designed and constructed to fundamentally improve how consumers, companies, and governments transact with one another.

Key features of the NPP include:

  • 24/7 instant payments and real-time line-by-line settlement via the Reserve Bank of Australia;
  • PayID, new and easy way to link a financial account with an easy-to-remember identifier such as a mobile phone number, e-mail address or ABN for businesses;...
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