SWIFT has welcomed the public launch of a New Payments Platform (NPP) in Australia.
The key features of the NPP include a 24/7 instant payments and instant settlement via the Reserve Bank of Australia, as well as payID, and an overlay services framework that will provide new services to Australian businesses and government.
SWIFT helped to design, build and deliver the new platform, and will play a role in operating the infrastructure.
According to SWIFT, the new platform is designed to revolutionise the way payments are made domestically and also includes the provision of an instant payments messaging service for the euro area.
Alain Raes, chief executive of Europe, the Middle East and Africa and Asia Pacific at SWIFT, said: “The rollout of the NPP and the enablement of real time payments is the most significant development in the Australian payments industry in decades, and could have a more revolutionary impact on the economy than any previous payments system innovation.”
He added: “SWIFT has supported the evolution of payments systems around the world for more than 40 years and is delighted to have played an important role in the creation and roll out of real-time payments in Australia.”
“The smooth delivery of the project is a measure of the great partnership that SWIFT and the Australian industry have developed throughout the collaboration.”
Adrian Lovney, CEO at NPP Australia, commented: “SWIFT, an international leader in the provision of secure financial services, has worked tirelessly to help design, build and deliver this world class system.”
