YL TV: Australia's New Payment Platform

This week on You Legal TV, we take a look at Australia's new payments platform. It was first proposed to enable real-time payments via all of the nation’s financial institutions by 2016. Using this platform, payment provider BPay allows individuals to transfer funds to others using just their mobile phone number and email address. Watch the episode here:

See below for a complete transcript of this episode -

Hello, and welcome to You Legal TV.

Australia's new payments platform (NPP) was first proposed to enable real-time payments via all of the nation’s financial institutions by 2016.

Using this platform, payment provider BPay allows individuals to transfer funds to others using just their mobile phone number and email address.

NPP also enables same-day settlement of bulk and direct payments, real-time retail payments, and the ability to finalise low-value payments outside banking hours.

With this real-time service, financial exchanges can perhaps be more secure as you can immediately determine if the payment has gone to the right party.

The NPP is on track to be operational in 2nd half of 2017. So watch the space.

But if you do have any queries that have the NPP relevant, feel free to get in touch because, as always, we're happy to help.

What Should I Do Next?

Contact us if you would like to have more information in relation to the New Payment Platform (NPP). Our lawyers at You Legal will be happy to assist you in whatever way we can.

* This blog is for general guidance only. Legal advice should be sought before taking action in relation to any specific issues.