The days of waiting up to three days for funds to land in your bank account may soon be over, thanks to an overhaul of Australia’s electronic payment system.
P&N Bank is pleased to announce it is on board with a faster and smarter payments platform known as the New Payments Platform (NPP) – the biggest electronic payment initiative ever undertaken in Australia.
We believe NPP will be akin to the launch of ATMs and EFTPOS and are thrilled that P&N Bank members (through our Cuscal partnership) will be among the first to access this game-changing payment service. This is another way P&N Bank is committed to meeting the evolving needs of our members in the digital age.
The NPP is a brand new infrastructure for payments which is being developed by 13 of Australia’s leading financial institutions, including the Big 4 banks and the RBA. It will allow Australians to transfer money from one account to another much more quickly, 24-hours a day, 7 days a week as well as other benefits.
Currently the electronic transfer of funds from one person’s bank account to another is often done in what are called batches. Generally this transfer process occurs every 24 hours from Monday to Friday. This means that if money is transferred into an account at 3pm on the Friday of a long weekend, the funds may not be available until the following Tuesday.
We know the current systems, which applies to all banks, can be frustrating to customers which is why P&N Bank is prioritising our participation in this brand new system for electronic payments.
The sooner all banking organisations offer the NPP, the sooner all Australian customers can benefit from this new way of making payments.
The NPP is a collaboration between Australia’s leading financial organisations, including Cuscal (Australia’s leading independent provider of payment solutions of which P&N Bank is a partner), the big banks and the Reserve Bank of Australia. These financial institutions have joined forces to form a company called NPP Australia (NPPA) and will be responsible for funding, developing and governing the NPP initiative.
P&N Bank, through our partnership with Cuscal, will be one of the first banks in Australia to offer the NPP to our members.
Not yet. P&N will inform customers when they are able to register through P&N Bank, and how they will be able to make faster payments in the coming months.
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