NPP Australia is pleased to confirm that digital payments provider Paypa Plane has received approval to connect directly to the New Payments Platform (NPP) as a Connected Institution.
Paypa Plane is known for being an early innovator in payment initiation and recently entered a partnership with the Commonwealth Bank focused on accelerating the delivery of PayTo.
NPP Australia offers a number of different connection pathways to the NPP, all designed to enable organisations with differing needs and regulatory statuses to use the Platform and its data-rich real-time capabilities, while maintaining safeguards required for a real-time payments system.
A Connected Institution can initiate real-time payments from a customer’s account by installing an NPP payment gateway in their own environment. A Connected Institution does not need to be an ADI as it is not involved in the clearing and settlement of NPP payments. They are required to meet certain technical connectivity and security requirements to connect directly to the NPP.
NPP Australia welcomes Paypa Plane to the NPP and looks forward to working closely with them as they undertake the various steps required to establish their technical connectivity.
Today there are more than 105 banks, credit unions, building societies and fintechs connected to the NPP via one of the available pathways.
PayTo is a new, digital way for merchants and businesses to initiate real-time payments from customers’ bank accounts which will commence rolling out from mid-2022.
For more information email communications@nppa.com.au