Snapshot: A payments evolution The New Payments For more information email [email protected] Platform is a fast, versatile, data-rich payments system Speed Always on Data enriched Simple available any time of payments in 24 hours a day, more addressing near real-time seven days a remittance (PayID) the day, any day of week, 365 information use an easy- days a year with payments to-remember the year. identifier A world class Platform Overlay Services How did the New Payments The New Payments Platform has The New Payments Platform’s Platform come to be? now become the reference model infrastructure can be used by Following industry calls for a more for other international real-time organisations to provide tailored modernised payments system for payments solutions because of its: payment experiences. Osko by Australia, a group of financial • infrastructure that is open BPAY is the Platform’s first services and payments focused access and separated from the Overlay Service and enables organisations created a proposal product layer to truly empower consumers and businesses to for layered infrastructure to innovation send payments in near real-time, support near real-time clearing • enhanced data capability and 24 hours a day, seven days a and settlement of payments. This the ability to support business week, 365 days a year. proposal evolved into the New applications Payments Platform and NPP What could other Overlay • ability to confirm a payee prior Australia Ltd was formed to to payment, to provide user Services look like? oversee the build, operation and certainty and reassurance The possibilities are endless. management of the Platform. • real-time settlement in central Overlay Services could help solve bank money to preserve the common pain points, increase integrity of the platform efficiency, improve customer • components that could be service and lower costs. Speed leveraged by payments and data capability could be a key innovators such as PayID differentiator, as well as the convenience offered by PayID. The Platform is the first of its kind in the world to use the ISO20022 standard. Who is involved? Thirteen participating financial institutions have collaboratively developed and funded the New Payments Platform: • Australia and New Zealand • Commonwealth Bank of • Macquarie Bank Banking Group (ANZ) Australia • National Australia Bank (NAB) • Australian Settlements Limited • Cuscal • Reserve Bank of Australia (ASL) • HSBC Bank Australia (RBA) • Bendigo and Adelaide Bank • Indue • Westpac Banking Corporation • Citigroup • ING Australia 2018 NPP Australia Limited ABN 68 601 428 737 .