New Payments Platform
The New Payments Platform (NPP) is an industry-wide payments platform for Australia, national infrastructure for fast, flexible, data rich payments in Australia. It was first made accessible to the general public on 13 February 2018 with the launch of PayID, a simple addressing capability, and Osko, the first NPP Overlay Service, operated by BPAY. As of 2020, more than 60 Australian banks have adopted the system. The new instant payment platform for real-time low value payments was in response to the Reserve Bank of Australia's Payment System Board’s Conclusions to the Strategic Review  of the Innovation in Payments System publication. The NPP was announced in July 2013 by APCA. In December 2014, the Program proceeded to the third phase, "design, build and test". In 2015 a contract was signed with SWIFT to design, build and operate the platform. PayID. PayID will coexist with the BSB and account number addressing scheme. Osko. Osko is owned and operated by BPAY, and operates on the NPP as an overlay service. It uses PayID as a reference for payments. Payments are instant to accounts that have been transferred to previously.