Wise Australia – the Australian arm of global technology company Wise – is the latest organisation to become an NPP Participant, following the acceptance of their application to join NPP Australia as a shareholder.
This means Wise can connect directly to the NPP to clear and settle real-time payments on behalf of its Australian customers, in line with Wise’s own plans and timings.
Their successful application to become an NPP Participant comes after Wise Australia was granted an ADI licence (under the category of Purchased Payment Facility) in late 2020 – a requirement for direct connection to the NPP for organisations wanting to clear and settle payments under the NPP access framework.
The NPP is designed to be ‘open access’, encouraging broad participation while maintaining safeguards needed for a real-time payments system and the ongoing protection of consumers.
The NPP access framework has a range of different access options, allowing for both direct and indirect connectivity, see more here. Today there are more than 105 banks, credit unions, building societies and fintechs connected to the NPP.
NPP Australia welcomes Wise to the NPP and looks forward to working closely with them as they undertake the various steps required to go live as an NPP Participant.
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