The NPP has so far flown under the radar. Yet, despite the current lack of hype, the NPP is set to have a profound impact on Australian consumers, businesses and governments by providing faster, simpler, smarter payments through a versatile data-rich payment system. As one of the early adopters, Regional Australia Bank, Senior Manager of Transformational Change, Chris Stace is eager to educate customers about what a great leap forward the NPP is.
"It's one of those once-in-decade game-changers,” Stace says. “The NPP creates a world where banking transactions happen in real time, 24/7, 365 days a year using a service called Osko, and rather than having to remember BSB and account numbers people will only need something called a ‘PayID.’ In most cases, this will simply be their phone number, email address or ABN for a business linked securely to a bank account. It's another step towards a cashless society."
Accessing the NPP
Regional Australia Bank is among a select group of Banks who have adopted this technology from day one and is excited to let customers know more about it.
"Osko, which has developed by BPay is the first overlay service to be launched on the NPP," said Mr. Stace. "It is the system that facilitates the NPP's near real-time payments, which means, for example, splitting the bill at restaurants becomes much easier or sending money to someone urgently can be done in just seconds from your mobile phone" he added.
Not only will it be faster and more efficient than any other payment platform before, but it will also be able to make payments via a unique identifier known as a PayID.
"A PayID address is key to the NPP, in the same way, an email address is to the Internet" says Stace, "and Regional Australia Bank customers will be able to register their PayID in a matter of minutes using their Internet Banking and from the mobile app"
Achieving critical mass
While it will have immediate benefits, the full impact of the NPP will be realised when most Australian citizens and businesses embrace it. That could happen surprisingly fast for two reasons. First, Australians are enthusiastic early adopters of technology that makes their lives easier. Second, while some banks, building societies, and credit unions are taking a wait-and-see approach, Regional Australia Bank is embracing the NPP from day one.
Regional Australia Bank CEO, Kevin Dupé said: "We could have lingered on the sidelines, but Regional Australia Bank wanted to provide its valued customers with more user-friendly banking from the day it became available."
A boon for the nation's small businesses
Cashflow issues are a major, sometimes fatal, issue for Australian small businesses. By making the processing of bills and invoices easier, the NPP might just reduce the lag time on debts being settled. What's beyond question is that, once payment is made, using Osko, the money will show up in within seconds.
Furthermore, the next planned release of Osko will enable businesses to request payment from a customer with an attached invoice.
"It's the kind of NPP-facilitated quantum leap that will have a real impact on many people's lives," Dupé says. "If you're running a small business with tight margins, or you're a contractor who is waiting on a client payment, being paid in real time can be a godsend."
"Add to that, the ability for more technology to be built on the NPP, the future is bright for Regional Australia Bank customers and businesses," said Dupé.
The NPP opens lots of exciting opportunities for Australians and Australia and is now available to Regional Australia Bank customers. You can register your PayID now via Internet Banking or Mobile Banking App.