What is the New Payments Platform (NPP)?

The NPP is a new payments infrastructure that has revolutionized the way in which money is sent throughout Australia. The NPP was created in order to stay aligned with the ever-changing landscape of the digital economy by enabling faster payments. The NPP enables real-time clearing and settlement of transactions so that if you are sending money it happens as quickly as possible. Fundamental to the efficiency of the NPP are services called PayID & Osko that both enable real-time clearing of deposits. As such if you bank with an institution that is on the NPP infrastructure you will be given the luxury of having your deposits land instantly! Some banks will verify the NPP payment for a duration of 24 hours when you make your first payment. Please see the table below to ascertain if your bank supports instant payments.