New PayID payments platform for Australian banking

The launch of the New Payments Platform will transform the banking experience for everyday Australians and put an end to the inconvenience of the three day transaction processing wait.

 

Australian Bankers’ Association CEO Anna Bligh said that the New Payments Platform was a major win for customers who would revel in the ability to make payments in real time with no delay.

 

“This is the biggest thing to happen in the industry since the inception of internet banking 10 years ago.

 

“When fully up and running this brand new, cutting-edge [PayID ] system will mean that Australians who want to pay a tradesperson, split a bill at a restaurant or sell a piece of furniture online can make and receive payments instantly.

 

“We are among the first nations in the world to have such a system, with ours learning from others to create cutting-edge technology.

 

“Customers have long told banks that the old system of delayed payments between banks was a hindrance and inefficient in a digital world where everything is expected to occur instantly.

 

“This new system will transform the way people bank by abolishing the three days wait for transfers between accounts of different banks.

 

“Customers can rest assured that this new innovation is safe, with banks as always taking strong measures to protect personal information.

 

“The new PayID, launched over the weekend, will mean that remembering your BSB and account number will be a relic of the past with a simple identifier such as a mobile phone number able to be used to receive payments into your account,” she said.

 

It’s important to note the New Payments Platform will be implemented in a staged approach over the course of the year.

 

For more information, and to find out if your bank is participating, see https://www.nppa.com.au/

 

See also The Conversation article “The New Payments Platform may mean faster transactions, but it won’t be safer”.

14 February 2018.