Australia’s real-time payment system goes live to the public
System built by Swift will process payments in less than a minute and will utilise new PayID technology
Australia has joined the exclusive real-time payments club, following the launch of the New Payments Platform Australia (NPPA) initiative today (February 13).
Self-described as “the most modern payments system in the world”, the new platform went live at 12:01 local time, allowing consumers to transfer money instantly between accounts at different financial institutions, 24/7.
Australia joins the ranks of Japan – the first to launch real-time payments in 1973 – and 17 other countries that
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