The APAC Payments Team is excited to share that we are now enabled fully with the New Payments Platform (NPP).
What is the NPP?
The NPP is a payments infrastructure that enables Australian consumers and businesses 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.
Through its addressing service, called PayID, the NPP can simplify payments and support more information sent with payments, such as written text or links to externally hosted documents.
An example of a service using these capabilities is Osko by BPAY.
What does it mean for me?
Quite simply, what this means for our Australian customers, is that you now have access to faster money transfers.
Thanks to NPP, we are now able to receive your AUD payments within minutes – so our team can work on paying out your funds as soon as possible.
Previously, if customers chose to settle their payments using BPAY, we were unable to process that payment on the same day.
However, now, all you need to do is select to send us your funds via Osko Fast Payment or PayID instead – we’ll take care of the rest, so your recipient receives their money back faster.
What is a PayID?
Instead of using a bank account number and a bank sort code, payments using Osko can be addressed to our email address (email@example.com). That means no more long numbers to remember. Even better, before you send the payment, your bank will be able to confirm that you have addressed it correctly by showing you our name (‘HiFX Limited’ – bear with us while we’re working on aligning our legal name with our brand name).
How do I make a payment to a PayID?
Most banks in Australia now support payments using a PayID via Osko.
Fun Fact - NPP and Osko support emojis in the payment reference – how awesome is that?! 👍❤🐨
Log in to your XE Money Transfer account to get started.
If you have any questions, please contact us and we'd be happy to help.