New Payments Platform

The New Payments Platform (NPP) is an industry-wide payments platform for Australia currently in development. It was announced in July 2013 by APCA. The new platform for real-time low value payments was in response to the Reserve Bank of Australia's Payment System Board’s Conclusions to the Strategic Review of the Innovation in Payments System publication. The New Payments Platform is new national infrastructure for fast, flexible, data rich payments in Australia. In December 2014, the Program proceeded to the third phase, "design, build and test". In 2015 a contract was signed with SWIFT to design, build and operate the platform. The NPP is expected to be operational in second half 2017.