Money The New Payments Platform: What it means for you

12:26  13 february  2018
12:26  13 february  2018 Source:   MSN

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The agony of split bills and chasing payments could be over from today with the launch of what’s been hailed as the biggest revolution in digital banking in more than two decades.

From midday today the New Payments Platform, dubbed the “most modern payments system in the world”, will go live.

With a simple PayID users will be able to use their existing online or mobile banking to transfer money instantly to accounts held in different financial institutions.

Payments can occur 24 hours a day, 365 days a year and will appear instantly in the receiver's account, and both parties will receive a receipt.

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The New Payments Platform is a 24x7 payments network connecting all the major Australian banks and many other financial institutions. The "Request to Pay " service allows an invoice transaction to be sent to another party that they may respond to with a payment .

Even better, there’s no need to collect someone’s BSB and account number.

Instead, users can use an email address or phone to create a PayID.

NPP chief executive Adrian Lovney says Australians will appreciate having their money available 24/7.

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"It will make payments faster, easier, and more convenient than ever before,” said Mr Lovney. “With Osko, you'll no longer have to dash to the ATM late at night to get money for the babysitter.”

This sounds great but what difference will it make to the average Aussie?

In real terms, it’s another reason to avoid carrying cash, and will make payments more efficient than ever.

Take the average self-employed tradie, for example. When they're not doing quotes or working on jobs, much of their time is spent chasing down payments from customers.

Under the NPP, a tradesman could invoice a customer, be paid instantly, and have a digital transactional record to use come tax time.

But the convenience isn't limited to the self-employed.

Say you're out to dinner with a group of friends, and the bill arrives. It's rare for one person to carry enough cash to shout the table – and even rarer for everyone to have the correct change to split the bill.

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The NPP ( New Payment Platform ) is an innovative platform to give Australian consumers and institutions a new way to make everyday payments . Payments will be data-rich, meaning that payers and payees will have not only a timestamp to record the transaction, but also a record of the

Using the NPP, each party could instantly transfer their share to one diner and have those funds instantly available.

"We know Australians are frustrated about the amount of time it takes to move money between accounts at different banks, which can sometimes be as long as two to three days," Mr Lovney said.

The option to pay to a PayID will appear within your normal mobile or online banking. This process may differ slightly according to each bank. In some, the ability to pay a PayID will be an automatic option.

In others, you may be required to choose an Osko payment first. Over time, it’s expected other payments products and services will include the option to pay a PayID.

"You'll be able to pay them on the spot in under a minute, in your secure banking environment, 24 hours a day, seven days a week."

A full list of participating financial institutions can be found on the NPP website.

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