At a basic level, in order to be classified as a fast payment service the system must provide interbank, account-to-account payments in less than one minute endto-end and be irrevocable. But, the more value-added services and openness to innovation, the higher the rating. The Australian NPP was not rated in this report since it was not live at the time.
But it certainly will offer many of the features that rate highly in the FPII. For example, the taxonomy lists ISO standard and 24/7 availability as being highly desirable features enhancing customer value – the NPP offers both these.