18 Adrian banks and financial institutions are working together to create the AUD1bn ( $770m ) NPP 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 New Payments Platform Australia CEO, Australian Lovney. “Transactions will be settled through the “Fast Settlement Service” provided by the Reserve Bank, and we’re told the system has built-in security features that we have no reason to doubt at this early stage,” he added. The platform is being tested by staff before being rolled out to the public.
18 Adrian banks and financial institutions are working together to create the AUD1bn ( $770m ) NPP 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 New Payments Platform Australia CEO, Australian Lovney. The platform is being tested by staff before being rolled out to the public.