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Written by Matt Kirk Published: March 16 2020 Press Release
Early in 2018 Australian’s can expect to experience the start of a true financial evolution with the launch of the New Payments Platform (NPP) providing a fast, versatile, data-rich payments system for near ‘real-time’ transactions 24/7, 365 days a year.
The NPP is a unique payments infrastructure designed to meet the evolving needs of our growing 24/7 digital economy. It offers the facility for customers to make payments between different financial institutions with immediate transaction settlement via an ‘easy-to-remember’ identifier or PayID, to create a seamless, simplified process.
Facilitating and operating the platform is the NPPA – a company established in 2014 by 13 of Australia’s major financial institutions including the Reserve Bank.
Cashwerkz CEO, Hector Ortiz confirms support for the platform saying “The NPP will streamline a crucial part of the investment process for term deposit placements with clients no longer having to wait up to 5 business days for their term deposit funds to be transferred and invested, or have to visit their local bank branch.”
He adds “In combination with the Cashwerkz platform efficiencies, the additional value the NPP offers will further empower term deposit investors to take control of their defensive assets to deliver a secure, easy and seamless investing experience.”
The NPP framework is designed as a building block for multiple products and service offerings. The first service to take advantage of these is Osko by BPay which will transform the way payments are made. This service will be offered to customers via their digital banking channels, initially allowing them using their PayID to expedite secure electronic payments, 24/7, 365 days a year.
Furthermore, the ongoing release of NPP capabilities will encourage innovation across the financial system. The automation and developing efficiencies provided through Osko by BPay clearly complements the fintech offers evolving across the financial marketplace.
Mr Ortiz comments “if payments only take a few minutes to action regardless of who you bank with, the Cashwerkz online platform is well placed to provide the opportunity for clients to access the range of term deposits from a variety of Australian financial institutions that best suits their investment needs. Why wouldn’t they take advantage of this innovation now and help advance it into the future?”