New Payments Platform
E348607
The New Payments Platform is an Australian real-time payments infrastructure that enables fast, data-rich, and flexible bank transfers between participating institutions.
All labels observed (1)
| Label | Occurrences |
|---|---|
| New Payments Platform canonical | 2 |
Statements (46)
| Predicate | Object |
|---|---|
| instanceOf |
payment system
ⓘ
real-time payments infrastructure ⓘ |
| abbreviation | NPP ⓘ |
| availability |
24 hours a day
ⓘ
365 days a year ⓘ 7 days a week ⓘ |
| benefit |
enhanced payment innovation
ⓘ
faster funds availability ⓘ improved payment data quality ⓘ |
| clearingMechanism | real-time clearing ⓘ |
| country | Australia ⓘ |
| currency | Australian dollar ⓘ |
| enables |
fast payments between participating institutions
ⓘ
real-time bank transfers ⓘ |
| feature |
24/7 availability
ⓘ
ISO 20022 ⓘ
surface form:
ISO 20022 messaging standard
near-instantaneous settlement ⓘ overlay services capability ⓘ |
| governanceBody | NPP Australia Limited ⓘ |
| hasComponent | Fast Settlement Service ⓘ |
| hasOverlayService | Osko ⓘ |
| industry | payments ⓘ |
| launchCountry | Australia ⓘ |
| objective |
enable real-time low-value payments
ⓘ
modernise Australia’s payments infrastructure ⓘ |
| operatesIn | Australia ⓘ |
| operator | NPP Australia Limited ⓘ |
| participantType |
authorised deposit-taking institutions
ⓘ
financial institutions ⓘ |
| settlementCurrency | Australian dollar ⓘ |
| settlementModel | real-time gross settlement ⓘ |
| settlementServiceProvider | Reserve Bank of Australia ⓘ |
| supports |
24/7/365 operation
ⓘ
PayID addressing ⓘ account-to-account payments ⓘ business payments ⓘ consumer payments ⓘ credit transfer payments ⓘ data-rich payments ⓘ flexible payment messaging ⓘ government payments ⓘ payment addressing via aliases ⓘ rich remittance information ⓘ |
| timeToSettle | in seconds ⓘ |
| transactionType | low-value payments ⓘ |
| usesStandard | ISO 20022 ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.
subject surface form:
Australian Financial System