Money The New Payments Platform: What it means for you

12:26  13 february  2018
12:26  13 february  2018 Source:   msn.com

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From midday today the New Payments Platform , dubbed the “most modern payments system in the world”, will go live. With a simple PayID users will be able to use their existing online or mobile banking to transfer money instantly to accounts held in different financial institutions.

[…] To find out what the new payments platform means for your business, check out our blog on this topic. […] Changes to Data Breach Legislation and What it Means For You .

a screenshot of a cell phone© Provided by Nine Digital Pty Ltd

The agony of split bills and chasing payments could be over from today with the launch of what’s been hailed as the biggest revolution in digital banking in more than two decades.

From midday today the New Payments Platform, dubbed the “most modern payments system in the world”, will go live.

With a simple PayID users will be able to use their existing online or mobile banking to transfer money instantly to accounts held in different financial institutions.

Payments can occur 24 hours a day, 365 days a year and will appear instantly in the receiver's account, and both parties will receive a receipt.

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Australians will finally enjoy the ability to send each other money in “real time”, with the launch of the New Payments Platform (NPP) today. The platform is a mixture of new processes for settling transactions between banks, guided by the Reserve Bank of Australia.

The New Payments Platform has gone live, but what does it mean for you ?

Even better, there’s no need to collect someone’s BSB and account number.

Instead, users can use an email address or phone to create a PayID.

NPP chief executive Adrian Lovney says Australians will appreciate having their money available 24/7.

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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.

Special Edition Event Report: The New Payments Platform - What does it mean for you ? I'm sure you can imagine how excited I was upon hearing of a New Payments Platform (NPP) 'fireside chat', on Tuesday 4 March, with Adrian Lovney, who is the CEO of NPP Australia

"It will make payments faster, easier, and more convenient than ever before,” said Mr Lovney. “With Osko, you'll no longer have to dash to the ATM late at night to get money for the babysitter.”

This sounds great but what difference will it make to the average Aussie?

In real terms, it’s another reason to avoid carrying cash, and will make payments more efficient than ever.

Take the average self-employed tradie, for example. When they're not doing quotes or working on jobs, much of their time is spent chasing down payments from customers.

Under the NPP, a tradesman could invoice a customer, be paid instantly, and have a digital transactional record to use come tax time.

But the convenience isn't limited to the self-employed.

Say you're out to dinner with a group of friends, and the bill arrives. It's rare for one person to carry enough cash to shout the table – and even rarer for everyone to have the correct change to split the bill.

Banks wary of higher fraud risk from real-time payments

  Banks wary of higher fraud risk from real-time payments Banks are on guard for an increase in money-transfer scams as a shift to near real-time payments pressures them to detect suspicious transactions more quickly. With the new payments platform (NPP) launched to much fanfare on Tuesday, fraud risk is getting close attention within banks, which will have much less time to detect and halt questionable transfers of cash.The focus on fraud prevention comes amid confusion from some bank customers over their access to the NPP, as banks including National Australia Bank and Westpac explained on social media that many customers could not immediately access the service.

The New Payments Platform (NPP) is on track to be available from February and will allow customers to send and receive payments in real-time using mobile numbers, email addresses or ABNs. What does this mean for me?

Related: Looking for a New Payment Company? The mobile payment platform . That means that they’re going beyond simply transferring funds electronically or swiping your smartphone over a checkout terminal.

Using the NPP, each party could instantly transfer their share to one diner and have those funds instantly available.

"We know Australians are frustrated about the amount of time it takes to move money between accounts at different banks, which can sometimes be as long as two to three days," Mr Lovney said.

The option to pay to a PayID will appear within your normal mobile or online banking. This process may differ slightly according to each bank. In some, the ability to pay a PayID will be an automatic option.

In others, you may be required to choose an Osko payment first. Over time, it’s expected other payments products and services will include the option to pay a PayID.

"You'll be able to pay them on the spot in under a minute, in your secure banking environment, 24 hours a day, seven days a week."

A full list of participating financial institutions can be found on the NPP website.

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