The delivery of the NPP International Payments Business Service will help us make progress. This service will allow the final Australian dollar leg of inbound cross-border payments to be processed through the NPP. Because the NPP offers real-time processing of transactions on a 24/7 basis, this will speed up payment times.
The industry committed to providing this new service by 1 December 2023 in the NPP Roadmap released last month. [2] We expect this deadline to be met by all the banks participating in the NPP. Delays will hurt Australian customers and hold back Australia’s progress in meeting its G20 commitments.