Transaction solutions provider Fundtech has released a white paper that examines Australia’s New Payments Platform (NPP), advising institutions to prepare now for future technological developments.
According to the white paper, the NPP’s focus on speed, availability and convenience is similar to that in other countries with comparable structures, but it also boasts some unique characteristics and capabilities that could create specific opportunities for Australian institutions.
The NPP is scheduled to launch in mid-2017, and is expected to significantly change the Australian payments landscape.
While the core objective of the platform is to enable immediate payments, it could also support evolution for future capabilities such as new data, flows and customer service solutions.
The white paper advised that institutions could use the platform to lay the groundwork for taking advantage of new advancements in the future.
Immediate and fast payments solutions form a module of Fundtech’s global payments solutions, accommodating individual and bulk domestic payments schemes.
David Brown, Fundtech’s senior vice president of global payments, and co-author of the white paper, said: “The NPP is shaping up to be an opportunity for financial institutions to provide new, innovative, and responsive services to business and retail customers across banking segments and channels.”
He added: “Banks that recognise the opportunity and act early will be well-positioned to excel in the industry’s new immediate payments landscape.”
