OpenEFT supports new Australian Payment Platform
The new payments infrastructure enables Australian businesses and consumers to make real-time, data-rich payments between accounts at participating financial institutions. It supports real-time clearing and settlement for simple or complex payment solutions and has the potential to deliver significant back-office efficiencies.
The NPP can simplify payments through its Addressing Service, called PayID . It can also support more information sent with payments, such as written text or links to externally hosted documents.
The Platform has been designed to be extensible, meaning it will evolve to meet the future needs of Australian consumers and businesses.
The new payment system is a challenge to implement as every institution had its own implementation.
The Fast Settlement Service
The Fast Settlement Service (FSS) is provided by the Reserve Bank of Australia. This world-leading capability enables every single payment made on the Platform, regardless of its size, to be settled in real-time in central bank funds between each financial institution’s Exchange Settlement Account (ESA).