The Platform went live in November 2017 and has supported funds transfers between employees at a number of different banks, building societies and credit unions.
While the Platform was developed for Australia’s domestic needs, its design responds to gaps identified in other international systems. As a result, it has become a global reference point because of the following capabilities:
• A layered architecture that can support multiple services;• Significant data capability through the use of ISO20022;• An addressing service called ‘PayID’ that enables payments to be made to simpler memorable identifiers rather than BSB and account numbers;• Real-time settlement via the Reserve Bank of Australia’s Fast Settlement Service.
Now that the Platform has launched, over the next month more than 60 banks, building societies and credit unions in Australia will commence rolling out real-time payment services to customers in line with their own timings and plans. Most will offer this via Osko, the first overlay service that has been developed by BPAY.
The New Payments Platform has a unique layered open access design which allows for different entities to leverage the Platform’s functionality in different ways. Innovative organisations can choose to build upon the platform’s capabilities to develop and launch ‘overlay services’ on the Platform. These could be payments experiences, or they could be business applications that enable significant organisational efficiencies.
The launch is the result of collaboration between 13 members of Australia’s financial services industry –including the major banks and the Reserve Bank of Australia.
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