Thirteen Australian banks and financial institutions are working together to create the AUD1bn ($770m) Banks will soon begin promoting the new system to customers. New Payments Platform Australia (NPP Australia) to support new payment technologies. In addition to real-time transfers, the platform aims to use simpler identifiers, like mobile numbers, and offer more space for messages in transfers. Despite high levels of security on the platform, banks must remain vigilant and employ systems to identify unusual transactions, warned NPP Australia CEO, Adrian Lovney. The NPP’s aim is to provide a “one-stop shop” that will enable payments providers to work with each other across borders, said Mr Lovney, who was speaking at an event organised by
Thirteen Australian banks and financial institutions are working together to create the AUD1bn ($770m) New Payments Platform Australia (NPP Australia) to support new payment technologies. In addition to real-time transfers, the platform aims to use simpler identifiers, like mobile numbers, and offer more space for messages in transfers. Despite high levels of security on the platform, banks must remain vigilant and employ systems to identify unusual transactions, warned NPP Australia CEO, Adrian Lovney. The NPP’s aim is to provide a “one-stop shop” that will enable payments providers to work with each other across borders, said Mr Lovney, who was speaking at an event organised by