Australia’s Payments Platform Assessed Ahead of 2017 Launch

Ahead of its scheduled mid-2017 launch, Australia’s New Payments Platform (NPP) is assessed in a white paper released by Fundtech.

The global transaction banking software group says that the paper examines the NPP’s strategic objectives and likely characteristics, as well as the benefits of early adoption by banks and deposit-taking institutions.

Fundtech notes that the launch of the NPP promises to transform the Australian payments landscape. It shares the commitment to speed, availability, and convenience common among other countries with similar immediate payment schemes in place, but in addition has unique characteristics and capabilities that will create specific opportunities for Australian financial institutions (FIs).

Along with the core objective of enabling immediate payments, the NPP is designed to enable the evolution of future capabilities, including new data, flows, and customer solutions. To take advantage of this, FIs should begin the journey to immediate payments now, laying the necessary groundwork and examining the options available to them.

“The NPP is shaping up to be an opportunity for FIs to provide new, innovative, and responsive services to business and retail customers across banking segments and channels,” said David Brown, senior vice president (SVP) of global payments, and co-author of the white paper.

“Banks that recognise the opportunity and act early will be well-positioned to excel in the industry’s new immediate payments landscape.”

A complimentary copy of the Fundtech white paper may be downloaded at http://www.fundtech.com/library/white-papers/.

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