Every six months, the NPP Roadmap provides an updated overview of the plans to enhance and extend the Platform’s capabilities to meet wider needs of the payments ecosystem.
The April 2021 roadmap – now available here – unveils the name chosen as the new official moniker for what was previously known as the Mandated Payments Service.
NPP Australia’s Head of Engagement, Katrina Stuart, said PayTo was selected after an extensive process to find the right identity for the service that will enable customers to pre-authorise third parties to initiate payments directly from their bank account.
“We wanted to find a simple yet descriptive name that would complement the brands of the numerous and varied organisations that will offer and use the PayTo service.
“PayTo describes the service’s functionality while accommodating a large range of use-cases such as recurring or subscription type payments, ecommerce and in-app payments, as well as third party payment services such as corporate payroll,” Katrina said.
The latest version of the NPP Roadmap includes updated numbers relating to the growing use of the NPP. There are now 75 million accounts able to make or receive NPP payments and the platform now processes an average of 2.2 million transactions a day. Close to 27 per cent of all account-to-account credit transfers are being processed across the NPP.
There are now 6.7 million registered PayIDs, an increase of 20 per cent since the start of this year, with an average of 60,000 new PayID registrations added every month. More businesses are also using PayID to receive payments from their customers in real-time, by linking unique PayIDs for each customer to their account, enabling easier reconciliation.
The April roadmap also includes updates on the implementation of data-rich message standards, the NPP API Framework, and QR Code standard. Download a copy here.
For more information about PayTo visit www.payto.com.au.
Media please email communications@nppa.com.au