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Small business owners will now be able to send and receive money in real time, enabling better cash flow management, following the launch of the New Payments Platform this week.
Using the NPP, small business owners will no longer have to wait for bank transfers between accounts of different banks and payments to arrive in their account, with the platform allowing businesses and consumers to transfer money “instantly”.
The platform will also remove the delays caused by weekends and public holidays, allowing transfers to be made after business hours.
The NPP, guided by the Reserve Bank of Australia, has been collaboratively designed and built by 13 Australian financial institutions, with around 60 banks, building societies and credit unions currently connected to the platform.
While BSB and account numbers are traditionally used to process a transfer, the NPP will allow businesses and individuals to create a “PayID” code, using a phone number, email address or ABN as identification.
Bank customers will be contacted with details of when and how they can access the new services and asked to nominate a PayID code.
With growing concerns over security and fraud, federal Treasurer Scott Morrison has assured businesses that the NPP has been certified to the highest data security standards and will be monitored 24/7.
“The launch complements the government's fintech agenda, and I look forward to the development of other NPP services that will add even more convenience, functionality and efficiency to how individuals and businesses make payments,” said Mr Morrison.
“The financial institutions that have built the NPP have had security and fraud prevention front of mind during its development.
“As with any Australian financial services, consumers should continue to remain vigilant about scams asking them for payment or for logins and passwords. Customers should contact their financial institution if they have any suspicions about anyone asking for payment or account information.”