Real-time bank transfers coming by 2017, says RBA
Date Published: October 13, 2016
The “new payments platform” (NPP), which will allow bank customers to transfer funds in real-time by using just a phone number or email address, is on track to launch in late 2017, the Reserve Bank of Australia said on Thursday.
The “new payments platform” (NPP), which will allow bank customers to transfer funds in real-time by using just a phone number or email address, is on track to launch in late 2017, the Reserve Bank of Australia said on Thursday.
Thirteen of the nation’s largest financial institutions, including all of the big four banks, are working with the central bank and the global telecoms cooperative Swift, which is building the basic infrastructure for the NPP, on the project to “bring Australia’s retail payments functionality to the global frontier”, the RBA said.
The NPP will allow individuals and businesses to make account-to-account funds transfers in real-time regardless of which bank a customer uses. Transfers will be able to be made at any time of the day or night, seven days a week, while the sender of funds will not need to know the recipient’s BSB and account number, as a phone number or email address will be able to address a payment.
The system will also allow more detailed information to be transferred along with a payment, for example, invoice data with a business payment, which may ultimately be able to be imported directly into accounting systems.
The RBA’s Payments Systems Board annual report said development of the NPP is “progressing well” and is scheduled to go live in late 2017. The RBA is building the system’s settlements hub and it said on Thursday this was “well advanced, with test NPP payments already having been settled and the [settlements] test environment expected to be used for industry testing from October this year”.
The banks, which are thought to have invested about $1 billion in the NPP, say it will encourage competition. At the parliamentary hearings in Canberra last week, National Australia Bank chief operating officer Antony Cahill said the NPP would help customers switch accounts by making it easy to change account numbers while maintaining direct debit and credit card automatic payments.
“Our belief is that the NPP initiative will allow customers to move [banks] far more easily,” he said.
BPAY, the bill payment service owned by the major banks, is developing the first “overlay service” for the NPP, the person-to-person, real-time mobile payments service.
It is envisaged that additional overlay services will be offered by a range of players, although the rules for accessing the NPP have not been finalised.
RBA assistant governor Malcolm Edey told The Australian Financial Review Retail Summit in late September that the structure of the NPP “will allow new types of third party commercial services to be delivered through the system” once BPAY’s service is up and running.
Adrian Lovney has just joined NPP Australia Ltd as its new CEO, from payments financial institution Cuscal, where he was most recently general manager for product and service.
Thursday, 13 October 2016 – The Australian Financial Review
03:14 PM - Apr 16, 2021
As Australians begin to tackle the vaccination phase of COVID-19, our economy is emerging with some optimism. Australia’s $3 trillion superannuation sector remains a pivotal asset for the nation, and the Federal Government continues to focus on the superannuation sector with transparency, efficiency and member-outcome programs. There are significant changes ahead, at a time where the whole ecosystem, including financial advisers, are weary of constant change and challenges.
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09:19 AM - Feb 02, 2021
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09:16 AM - Feb 02, 2021
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08:54 AM - Feb 02, 2021
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02:39 PM - Jan 14, 2021
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10:20 AM - Nov 18, 2020
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10:18 AM - Nov 18, 2020
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10:14 AM - Nov 18, 2020
ENTERED MERGER AGREEMENT WITH SHAREHOLDERS OF COMPLY PATH WHEREBY IP1 WILL BUY 100% ISSUED CAPITAL OF COMPLY PATH
10:08 AM - Nov 18, 2020
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10:02 AM - Nov 18, 2020
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10:00 AM - Nov 18, 2020
Integrated Payment Technologies Ltd (ASX:IP1) announce it has entered into a Merger Agreement with the shareholders of Comply Path Holdings Pty Ltd whereby IP1 will acquire 100% of the issued capital of Comply Path. The Transaction is to be undertaken as a 100% Scrip for Scrip offer.
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10:24 AM - Sep 21, 2020
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02:40 PM - Aug 27, 2020
Payment software developer Integrated Payment Technologies (IP1) has revealed improving losses in its full-year financial report. The company, also known as InPayTech, posted an annual net loss of $3.67 million for 2020, a 71.8 per cent improvement on the previous year.
04:03 PM - Aug 17, 2020
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03:20 PM - Jul 16, 2020
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10:15 AM - Jul 14, 2020
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10:07 AM - Jul 13, 2020
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09:41 AM - Jul 09, 2020
Integrated Payment Technologies (IP1) has closed its non-renounceable entitlement offer of fully paid ordinary shares, after raising $1,883,192.
12:30 PM - Jul 09, 2020
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10:34 AM - Apr 03, 2020
So much has been said about the global pandemic and the massive impact of the COVID-19 virus on our physical and financial wellbeing, that I don’t want to add to the weight of collective worry. It is timely, though, to remind ourselves of other present dangers.
12:10 PM - Mar 09, 2020
InPayTech’s superannuation payment solution has picked up new payroll provider clients, as cybercrime continues to threaten the super sector.
02:34 PM - Jan 14, 2020
Sandra Barns has joined the board of Integrated Payment Technologies Limited (InPayTech).
08:10 AM - Jan 13, 2020
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11:27 AM - Jan 13, 2020
Payment processing provider InPayTech has appointed VicSuper’s executive company director and chief technology officer as a new non-executive director on its board.
08:21 AM - Dec 17, 2019
Dean Martin, the Chief Executive Officer of Integrated Payment Technologies Limited (ASX: IP1) (InPayTech) speaks with the Financial News Network about InPayTech’s products, ClickSuper and PayVu.
08:50 AM - Dec 12, 2019
Superannuation fund trustees will need to allocation greater resources and attention to technology and cyber-security as the industry gives rise to ‘mega funds’, InPayTech believes.
11:03 AM - Nov 28, 2019
New laws, regulations and mergers have changed the face of the Australian super landscape. Financial Standard spoke with superannuation experts, from chief executives to SMSF trustees, to find out what the future looks like.
11:12 AM - Nov 07, 2019
The complexity of Australia’s super system could provide fertile ground for hackers to steal your savings and your identity.
12:25 PM - Nov 05, 2019
Australians’ retirement savings are set to become more exposed to cyber security breaches, a report has cautioned, as superannuation funds follow an industry-wide trend of consolidation while lacking the capacity to handle larger amounts of data.
03:43 PM - Nov 04, 2019
Payment technology providers are set to play a crucial role in superannuation as funds ride a wave of industry consolidation, according to a new report, with Australians’ retirement savings to become more vulnerable to data and security breaches than ever before.
01:06 PM - Oct 10, 2019
Australia’s retirement savings pool is at risk of cybercrime and fraud attacks as the sector continues to grow, according to a whitepaper authored by payment technology company InPayTech.
08:39 AM - Oct 10, 2019
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06:05 PM - Aug 13, 2019
Integrated Payment Technologies Limited (InPayTech) has appointed Dean Martin as chief executive officer (CEO), succeeding Robin Beauchamp who has stepped down and will become chief technology officer (CTO).
02:10 PM - Aug 12, 2019
InPayTech has promoted internally to make Dean Martin their new chief executive, the company has announced.
02:06 PM - Aug 12, 2019
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01:16 PM - Jul 18, 2019
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09:45 AM - Jun 11, 2019
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03:21 PM - Feb 11, 2019
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01:56 PM - Nov 11, 2018
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09:48 AM - Nov 08, 2018
Integrated Payment Technologies Limited (InPayTech) (ASX:IP1) has been issued a Notice of Allowance by the US Patent Office for its US patent application of its Payment Adviser process. The US patent is expected to be granted by early 2019 in the name of its subsidiary company Jagwood Pty Ltd.
01:54 PM - Sep 03, 2018
Fintech introduces STP product. ClickSuper STP is a product enabling employers to meet single touch payroll obligations by processing their STP data files via the ClickSuper website and then directly to the ATO.
02:04 PM - Aug 31, 2018
A fintech has met the Australian Taxation Office single touch payroll requirements and launched its latest product. ClickSuper STP is a product enabling employers to meet single touch payroll obligations by processing their STP data files via the ClickSuper website and then directly to the ATO.
10:59 AM - Aug 31, 2018
Clearing house provider ClickSuper has successfully completed all ATO single touch payroll (STP) requirements and launched ClickSuper STP. ClickSuper STP enables employers’ to simply meet their STP obligations by processing their STP data files via the ClickSuper site directly to the ATO.
09:45 AM - Mar 26, 2018
Revealed at the Accounting Business Expo in Sydney last week, PayVu, a digital payments initiative, has opened a new secure service for bookkeepers and accountants who struggle with periodical payments – like bills and salaries – on behalf of small business clients.
01:54 PM - Jun 23, 2017
With the traditional 30 June tax period ramping up, Australia’s tireless army of bookkeepers servicing SMEs and other clients are looking out for new ways to improve and streamline their core payments (and data capture) processes. The New Payments Platform (NPP) – being introduced voluntarily from 1 July – will help to accelerate payments. The NPP will also feature several overlay services or software solutions that will introduce more user-friendly payment methods.
10:06 AM - May 26, 2017
Adding to the concerns of a mid-tier earlier this week following the recent $165 million tax scandal, one payments facilitator has pointed to the risks of relying on third-party payroll companies.
10:03 AM - May 26, 2017
The alleged $165 million Plutus payroll scandal could have been avoided if automated payments technology was used by employers to make taxation payments directly to the Australian Taxation Office (ATO) rather than relying on a third-party payroll company, Plutus, to make payments on their behalf, which opened the opportunity for fraud.
09:59 AM - May 26, 2017
In light of the massive scandal surrounding Plutus Payroll’s alleged $165 million fraud, Don Sharp, executive chairman, Integrated Payment Technologies (InPayTech), gives his perspective on how certain technology could’ve prevented the fraud.
02:06 PM -
10:04 AM - May 03, 2017
Yesterday’s report by the Senate Economics References Committee into the non-payment of Superannuation Guarantee (SG) – highlighting employers are not paying billions of dollars’ worth of super – requires an immediate fix and fresh solutions.
11:00 AM - May 03, 2017
11:55 AM - Apr 12, 2017
Australian superannuation funds and SME employers must move to embrace a digital, member-direct model of contributions payment technology that is gathering pace alongside the 2017 introduction of the Reserve Bank of Australia’s New Payments Platform (NPP).
12:37 PM - Apr 11, 2017
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09:20 AM - Apr 11, 2017
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03:01 PM - Apr 10, 2017
09:53 AM - Feb 16, 2017
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11:03 AM - Jan 30, 2017
Australian small businesses operating cloud-based accounting software can benefit from a unique software overlay system called PayVu that speeds up superannuation payments to the same day
08:33 AM - Jan 27, 2017
PayVu eliminates superannuation clearing house requirements for Australian small business owners
01:14 PM - Jan 26, 2017
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11:13 AM - Jan 24, 2017
Third party clearing agencies could be a thing of the past with a fintech company InPayTech’s launch of new technology for same-day superannuation payments.
11:28 AM - Jan 24, 2017
InPayTech has launched a superannuation payment system, PayVu, that allows small-to-medium (SME) businesses to make same-day super payments to employees, bypassing third-party clearing houses.
11:25 AM - Jan 24, 2017
08:48 AM - Jan 24, 2017
Newly listed fintech company InPayTech has unveiled a new system that speeds up employers’ superannuation payments, potentially allowing small businesses to bypass third-party clearing houses such as Westpac.
03:49 PM - Jan 23, 2017
Integrated Payment Technologies (ASX:IP1) (InPayTech) has developed a unique software overlay system called PayVu that speeds up superannuation payments to the same day.
08:15 AM - Jan 16, 2017
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10:08 AM - Jan 12, 2017
Integrated Payment Technologies Limited (InPayTech) has received patent approval for its unique payments process in Singapore.
11:23 AM - Jan 12, 2017
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09:24 AM - Dec 22, 2016
Integrated Payment Technologies’ (ASX:IP1) (InPayTech) shares are trading higher after receiving approval for its patented payments process in Hong Kong.
05:46 PM - Dec 21, 2016
Integrated Payment Technologies Limited (InPayTech – ASX Code: IP1) has received approval for its patented payments process in Hong Kong and has also patented its unique payments process in other Asian countries namely Japan and mainland China. Patents are pending in Singapore.
09:46 AM - Dec 21, 2016
Integrated Payment Technologies Limited (InPayTech – ASX Code: IP1) has received approval for its patented payments process in Hong Kong.
09:00 AM - Dec 19, 2016
Newly listed Integrated Payment Technologies (ASX:IP1) (InPayTech) has launched a digital initiative aimed at streamlining the settlement of all electronic payments to just one day.
03:40 PM - Dec 14, 2016
A new service expects to reduce payment settlement times from the traditional three days to just one.
11:17 AM - Dec 12, 2016
Payment software company InPayTech has launched a new digital service aimed at speeding up the settlement process for electronic payments.
10:07 AM - Nov 18, 2016
Integrated Payment Technologies Limited (InPayTech) will scale back allocations of stock to certain investors following a heavy over-subscription to its Initial Public Offer (IPO) which closed on 18 November.
11:59 AM - Dec 06, 2016
Integrated Payment Technologies Limited (InPayTech) has launched a new digital initiative aimed at streamlining the settlement of all electronic payments to just one day.
09:46 AM - Nov 16, 2016
Retail investors have access to Offer until Friday November 18, 2016
08:01 AM - Nov 15, 2016
Integrated Payment Technologies Limited (InPayTech) will close its Initial Public Offer (IPO) at 5:00pm this Friday, November 18, 2016.
09:20 AM - Nov 07, 2016
Integrated Payment Technologies Limited (InPayTech) has surpassed its minimum subscription target of $3,000,000 after week two of its Initial Public Offer (IPO) opening.
11:06 AM - Oct 02, 2016
Integrated Payment Technologies Limited (InPayTech) has today formally opened its Initial Public Offer (IPO).
01:36 PM - Oct 07, 2016
Australian payment software provider InPayTech has lodged a prospectus with ASIC and intends to list on the ASX, with its initial public offer due to open later this month.
07:23 AM - Apr 26, 2016
The former chairman of fund manager Investors Mutual, Don Sharp, is plotting a $4 million capital raising and ASX listing for his latest venture InPayTech, which operates in the lucrative payment systems industry.
11:26 AM - Oct 06, 2016
Integrated Payment Technologies Limited (InPayTech) says it plans to raise up to $5 Million including over subscriptions, and list on the Australian Securities Exchange (ASX).
03:12 PM - Sep 04, 2016
The ATO initiative to create “real time” payroll data and superannuation payment efficiency is good government policy that will have positive repercussions for small businesses and the payroll industry, says InPayTech chairman Don Sharp.
11:54 AM - Aug 23, 2016
Forget blue-sky innovation, focus on improving current financial practices…
06:27 PM - Aug 21, 2016
Is Australia’s fintech startup community too regulated? Or is regulation a good thing? It depends on who you listen to.
06:30 PM - Aug 19, 2016
The ‘RegTech’ market — technology driven by new government regulation — provides greater opportunity for IT start-ups than FinTech and other digital disruptor markets, according to senior banking figure Don Sharp.
09:13 PM - Aug 04, 2016
The Australian Taxation Office’s (ATO) initiative to create ‘real time’ payroll data and superannuation payment efficiency is good Government policy that will have positive repercussions for small business and the payroll industry, according to InPayTech company chairman Don Sharp.
03:56 PM - Jul 20, 2016
InPayTech executive chairman and financial services stalwart Don Sharp is calling out regulatory challenges faced by Australian fintechs and is encouraging the federal government to take a long term view on disruptive industry legislation.
12:04 PM - Jul 19, 2016
Government regulation imposed on Australia’s banking, wealth management and superannuation sector has greater power to disrupt the industry than organic innovation, according to senior industry figure and company chairman Don Sharp.
09:01 PM - Jul 19, 2016
Regulations imposed on Australia’s wealth management, banking, and superannuation sectors have greater power to disrupt the industry than innovation, a senior industry figure said.
05:43 PM - Jul 19, 2016
03:18 PM - Jul 19, 2016
InPayTech executive chairman and financial services stalwart Don Sharp is calling out regulatory challenges faced by Australian fintechs and is encouraging the federal government to take a long-term view on disruptive industry legislation.
02:45 PM - Jul 19, 2016
Constant changes to legislation imposed by the government are making it hard for the financial services industry to innovate, argues Managed Accounts Holdings executive chairman, Don Sharp.
12:14 PM - Jul 19, 2016