NPP Australia is responsible for maintaining and developing the Platform to ensure it evolves to meet the future needs of our industry, consumers and businesses. Our approach to enabling access to the infrastructure is focused on encouraging competition within the Australian financial services sector. NPP Australia operates on a guiding principle of being economically self-sustaining (and not profit-maximising).
The New Payments Platform is the result of unprecedented industry collaboration in response to a review of the Australian payments system by the RBA’s Payments System Board in 2012. This review identified opportunities for the Australian payments system, principally the capability to make payments in real-time.
This prompted the Australian Payments Network (previously APCA) to bring together a number of industry representatives to form the Real-Time Payments Committee (RTPC). The Committee submitted a proposal based on findings and key learnings from other international payments systems that were evolving to support real-time payments.
This proposal recommended a ‘layered architecture’ for payments clearing and settlement, that could offer a wide range of new real-time payment services to consumers, businesses and government agencies. Following this proposal, APCA engaged KPMG to coordinate the NPP Program and the industry effort to bring the NPP to life.
NPP Australia Limited was formed in August 2014 to oversee the build, operation and management of the Platform and in September 2016, Adrian Lovney was appointed as the inaugural CEO.
The NPP went live in November 2017, supporting payments first between a small number of employees working at the initial participating financial institutions. These institutions commenced rolling out services to their customers on Tuesday, 13 February 2018 and the first official payment made on the NPP was a donation to the Alannah and Madeline Foundation Charity for Children.
Since then a vibrant ecosystem of participating financial institutions have commenced rolling out NPP-enabled payments to their retail, business and corporate customers.