The New Payments Platform (NPP) is a major industry initiative to develop a new infrastructure for Australian Payments – and Hume will be one of the key financial institutions taking part.
Waiting up to three working days for a payment to reach your account will soon become a thing of the past. The New Payments Platform (NPP) will allow people, businesses and governments to transfer funds between different financial instructions quickly and easily.
Benefits of the NPP include:
- Speed - The ability to make payments in real time, with close to immediate funds availability to the recipient.
- 24/7 availability - The ability to make payments 24/7, outside normal banking hours.
- Data enriched - The ability to send more complete remittance information with payments.
- Simple addressing - A system called PayID that enables consumer to more easily address payments to any recipient using an identifier like a phone, email address, ABN, or an organisational identifier.
The NPP is scheduled to be up and running in Australia soon after Australia Day 2018. To take advantage of this brand new platform for banking transactions, please ensure that your phone number and email address details are up-to-date in our system. You can update these details through iBank (via www.humebank.com.au), calling us on 1300 004 863 or by visiting a branch.
Hume customers will receive more information on the New Payments Platform in the coming months.