Money The New Payments Platform: What it means for you

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

Banks wary of higher fraud risk from real-time payments

  Banks wary of higher fraud risk from real-time payments Banks are on guard for an increase in money-transfer scams as a shift to near real-time payments pressures them to detect suspicious transactions more quickly. With the new payments platform (NPP) launched to much fanfare on Tuesday, fraud risk is getting close attention within banks, which will have much less time to detect and halt questionable transfers of cash.The focus on fraud prevention comes amid confusion from some bank customers over their access to the NPP, as banks including National Australia Bank and Westpac explained on social media that many customers could not immediately access the service.

In the works since 2013, the New Payments Platform (NPP) will become operational later this year and startups across the fintech space are wondering what exactly this will mean for them.

Australia’s New Payments Platform . Opportunities for Innovation By Mark Hume-Cook. APRIL 2015. This paper provides an overview of what the New Payments Platform (NPP) is, and what it proposes to achieve.

a screenshot of a cell phone© Provided by Nine Digital Pty Ltd

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.

Mum received $150k in incorrect welfare payments

  Mum received $150k in incorrect welfare payments For years Fatma Sleiman received welfare benefits she wasn’t entitled to, and she’s been living a lavish life with the help of that taxpayer money.   The mum from Glenroy in Melbourne owns two properties, while a large speed boat has also been seen parked in her driveway. Now, Ms Sleiman is being pursued by the Federal Government for the $107,000 they paid her in childcare fee assistance and more than $40,000 they paid her in carer payments.

Our billing and settlement platform change and what it means for you . Over the next few years we’ll be investing more than ever before in our payment acceptance technology. You ’ll start receiving the new simpler statement shortly after we move to our new billing and settlement platform .

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.

Former Trump aide Gates to plead guilty, agrees to testify against Manafort, sources say

  Former Trump aide Gates to plead guilty, agrees to testify against Manafort, sources say <p>A former top aide to Donald Trump's presidential campaign will plead guilty to fraud-related charges within days – and has made clear to prosecutors that he would testify against Paul J. Manafort Jr., the lawyer-lobbyist who once managed the campaign.</p>The change of heart by Trump's former deputy campaign manager, Richard W. Gates III, who had pleaded not guilty after being indicted in October on charges similar to Manafort's, was described in interviews by people familiar with the case.

Upwork’s announcement that they are making changes to their payment structure sparked many questions. Learn all about the new Upwork fees, how they work and what it means for employers and freelancers Click To Tweet. Employers who post projects on the platform will now pay 2.75

The NPP is expected by the end of the year and it should be good news for every business. Here's what you need to know.

"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.

Google explores texting from your browser

  Google explores texting from your browser Google's Android Messages app could soon get a dramatic makeover with some interesting new features, judging by an APK teardown by XDA Developers and Android Police.&nbsp;Unlike Allo, however, Android Messages could allow you to send mobile SMSes rather than web messages, making texting a fair amount easier. To use it, you may have to scan a QR code on your PC or Mac, then pair your device each time you want to text. The feature appears to be partially implemented in the latest Android Messages 2.9 APK, but you can't yet send an actual text.

By ‘ you ’ I’m going to be assuming one of two things: you ’re either an influencer, or a business, and so it will affect how you use the platform . On Instagram, this means using the new Sponsored banner, and tagging you as a band partner in any posts or Stories featuring you or your product.

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.

Facebook is creating a news section in Watch to feature breaking news .
Facebook is going to create a new news section in its video streaming platform Facebook Watch to feature breaking news stories.The move, which Campbell Brown, the company's year-old head of news partnerships, announced onstage at the Code Media conference in Huntington Beach, is part of a broader evolution of Facebook's news strategy.Facebook launched the Watch platform in August as a way to compete more directly with other video distribution platforms online.


—   Share news in the SOC. Networks

Topical videos:

This is interesting!