Westpac joins real time payment revolution
13 February, 2018
Westpac customers will benefit from 24/7 real time payments with the introduction of the New Payments Platform (NPP), which will launch to the public from today.
When using the service, Westpac customers will be able to process payments in real time rather than waiting up to three days for their transaction to be finalised. The new platform marks a significant step-change in the way people undertake their banking, with substantial work being done behind the scenes to ensure a safe and secure transition.
Westpac consumer customers will be the first to experience the real time payment capability. This will start with a small group before gradually opening up the platform to all eligible Westpac consumer customers followed by our Business, Institutional and Government customers. The roll-out will progressively flow to St.George, BankSA and Bank of Melbourne.
As part of this service, Westpac consumer customers will be able to create a PayID using their mobile number, or for businesses, an ABN, which will enable them to receive and process payments almost instantly without using a BSB and account number.
In our rapidly changing world, there is a need for things to happen instantaneously and payments need to keep pace with these demands.
Westpac General Manager Global Transaction Services, Di Challenor said the launch of the NPP marks an exciting and significant change in Australia’s payment industry.
“The launch of the New Payments Platform marks the beginning of a new era of payment processing for Australians. This infrastructure has been built to grow and expand over time through ‘overlay services – the first being Osko by BPAY,” Ms Challenor said.
“The faster payments capability offered by Osko will pave the way for other third parties to build banking applications that might integrate with the platform. This will give consumers new levels of personalisation and innovation not seen before in Australia,” she said.
Payment delays of up to three days can be a real pain point for customers. Westpac is pleased to work with New Payments Platform Australia and other key industry representatives to develop solutions and be part of the roll-out of this new infrastructure.
“We are progressively rolling out the new NPP capability to our customers, with Westpac consumer customers first and our other segments and brands to follow. This is a major project and we’re keen to get it right to ensure our customers have a first-rate, quality experience with this new capability,” Ms Challenor said.
“The security of our customer data is paramount and we are committed to ensuring our customers have a safe experience when using this new platform. We look forward to working with our customers to develop and further expand this capability into the future,” she said.
Westpac, alongside other major banks and industry representatives, has worked with New Payments Platform Australia since 2015 to see the safe and stable roll-out of the new payment infrastructure.
For more information, please visit: www.westpac.com.au/fasterpayments
About Westpac’s payments innovation
Real time payments via the NPP is just one of the many ways Westpac is helping customers make payments more seamlessly and efficiently. In the last 12 months Westpac, has introduced voice activated banking through Amazon’s Alexa, PayWear payment chips attached to your watch or wristband, Fitbit Pay paired with your Westpac MasterCard and iMessage as a shortcut to make payments when texting on iPhones.
Westpac and Reinventure
Westpac has also invested $100million through its venture capital fund, Reinventure to help Australia’s best entrepreneurs reinvent financial services.
Westpac’s commitment recognises the increasing impact of technology in reshaping financial markets. Working with Reinventure, Westpac gains deep insight into technologies and business models that may drive new customer experiences and disrupt traditional financial services.
The Reinventure portfolio companies gain access not just to Westpac capital, but may strategically benefit from Westpac resources and expertise to enable the company to scale more rapidly.