Sound familiar? These are indeed all the things that the NPP will deliver. So where are we? The NPP – Australia’s fast payments system As you know, the NPP launched to the public in mid February. It is the culmination of more than 5 years’ work from inception to launch.
It involved unprecedented cooperation between financial institutions to build the capability to send and receive individual payment messages between themselves in real time, with settlement also occurring transaction-by-transaction through the Reserve Bank’s Fast Settlement Service. But it also required banks to upgrade their internal systems to allow posting to customer accounts within a few seconds.