The NPP gives organisations building blocks to create real-time data-rich payments experiences and efficiencies that go beyond simple credit transfers. There are many ways the NPP’s capabilities can be brought to life.
With the NPP International Payments service participating financial institutions can process the final domestic leg of an inbound international payment via the NPP. This service allows data, such as the sender’s full legal account name and other identifiers, to be carried from the country of origination through to the receiving bank in Australia. This means participating financial institutions can meet AML/CTF compliance requirements enabling safer and faster inbound international payments.
Read more in the NPP Roadmap here
QR Codes can be used to create seamless customer experiences. The NPP QR Code Standard is based on the EMV Merchant-Presented QR Code Specification for Payment Systems and defines the mandatory elements required to help facilitate a consistent NPP payment experience using QR Codes. This document also illustrates how QR codes can be used for various scenarios such as e-commerce, invoices, terminals and P2P scenarios.
The NPP offers more than just speed for corporate payments that are currently processed as Direct Entry (DE) or bulk payments. Migrating payments to the NPP’s fast payment infrastructure supports more efficient working capital management, real-time data, a better customer experience and reduced manual handling and exceptions. Find out more here: Corporate payments on the NPP.
Corporate clients can access the benefits of the NPP with minimal impact on systems and processes. Interested organisations should consult with their NPP participating bank to find out more and seek support with their change management process.