Once it goes live next month, the new platform will enable real-time transactions that need only the recipient’s phone number or email address, as well as same-day settlement of bulk and direct payments, and the ability to finalise low-value payments outside banking hours.
"A good example would be to say you've got friends buying concert tickets. You type their mobile phone number into your banking front end and the NPP resolves that phone number into bank account details it has stored," Bpay CEO John Banfield said of the service when it was first announced in 2015. "Then the payment goes through to that person's account in real-time ... and you can have confidence it's gone through to the right person." Bpay says the service will go live in “early 2018”. It will be available to customers of the core initial group of 13 participant banks to the NPP - which includes the big four - and the 50-odd smaller financial services organisations that will get indirect access to the NPP through the core group.