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What is the New Payments Platform (NPP)?

The NPP is a new payments infrastructure that:

  • Addresses the needs of an evolving 24/7 digital economy by giving consumers, business and government departments the means to make fast, versatile and data-rich payments
  • Enables real-time clearing and settlement for both simple and comple­­x payment solutions
  • Simplifies payments through an Addressing Service called PayID as well as offering the ability to include more detailed information with payments
  • Becomes an additional payment option for AUD payments in Australia.

NPP is an industry collaboration

The NPP has been collaboratively developed by New Payments Platform Australia Ltd (NPPA) and 13 founding financial institutions (NPP participants), including Westpac. In addition, a large number of other financial institutions are connected to the NPP through one of these NPP participants. You can find out who these financial institutions are on the NPPA website.

The NPP comprises

The Basic Infrastructure, including software and hardware for switching, networking and addressing is provided by SWIFT.

The Fast Settlement Service (FSS) which enables real time, line-by-line interbank settlement of transactions is provided by the Reserve Bank of Australia.

Overlay services - value adding payment services that use the Basic Infrastructure. The first innovative overlay service delivered via the New Payments Platform is Osko by BPAY™.

What is PayID and Osko®?

PayID is a new way to address payments on the NPP.

PayID services include:

  • Sending payments without the need to know a payee’s BSB and account number
  • Linking recognisable identifiers such as an ABN or Organisation ID to an eligible bank account to receive payments
  • Providing the payer with the ability to verify the payee’s name by displaying it when making payments to a PayID and help reduce mistaken payments
  • The ability to temporarily lock a PayID to stop inbound payments without needing to close a bank account
  • A function for you to transfer a PayID between financial institutions with no impact to payers.

Get ready for NPP

Osko and PayID now available

Westpac has rolled out the NPP - Osko and PayID services - to our institutional customers. You can now receive fast Osko payments to your eligible accounts and make fast Osko payments to eligible BSB and account numbers and registered PayIDs: mobile numbers, ABNs (which includes ACNs, ARBNs & ARSNs), phone numbers, email addresses and Organisation IDs.

In most cases you can’t opt out of receiving NPP payments. If you have given out your bank account details to any clients or suppliers, you may start to see Osko and Single Credit Transfers (SCT) transactions in your transaction listing online or in your bank account statements. In terms of making Osko payments, you can select the Osko option from the menu options in Corporate Online.

An SCT is an NPP payment type without a guaranteed funds SLA and as such is infrequently used.

As NPP payments are new transaction types and can carry additional data, your bank account statements may look different for NPP transactions. Please ensure you review your current reconciliation processes to determine any impacts from potential NPP transactions.

For more information, please speak to your Relationship Manager. 

Things you should know

Payments and registration of a PayID may take longer in some instances, such as where there is a technical interruption to the service, there is a payment to a first time payee or when the payment is caught for additional security screening.

The PayID types available to you may vary depending on your customer profile.

BPAY® and Osko® are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518.