Assembly Payments surpasses $4 billion in NPP transactions, calls for greater sector collaboration
Australian payments technology company Assembly Payments is calling for greater collaboration amongst fintechs on the New Payments Platform (NPP), as it’s own transaction volume using the new technology surpasses over $4 billion.
Conceived in 2010, the NPP was designed in partnership with the RBA and the major banks to create a new globally competitive payments platform that would usher in real-time payments in Australia.
Assembly Payments was one of the first fintechs in Australia to gain access to and leverage the NPP in 2017. The company has worked with numerous companies including Transferwise, Managed App and Coinjar to pioneer new business applications utilising this platform.
Tim Dickinson from Assembly Payments says more partnerships are needed and existing relationships need to deepen in order tackle some of the key challenges posed by real-time payments, such as managing fraud.
“With the NPP set to reach full functionality in the next few years, now is the time to look at how we get more fintechs involved, start addressing issues head-on and drive measured innovation,” Dickinson says.
“Speaking from experience, it is an adjustment for fintechs to get used to real-time transactions. This process needs to start now to ensure the sector is up to speed to ensure successful broader adoption.”
“In conjunction with the consumer data right, this technology will revolutionise the way Australian businesses spend, send and save money. But we will only realise this potential from a business and economic point of view if we allow for more innovators to work together to stress-test this technology.
Discussing the potential of the NPP on business in Australia, Dickinson said, “The fast movement of money isn’t what’s great about the NPP, but rather the opportunities this rapidity makes possible.
“We have been able to bring 16x growth to customers in the PropertyTech industry by combining the NPP rapidity with flexible API technology to reduce the complex administrative tasks burdening the industry. We’ve also helped cryptocurrency exchanges and remitters achieve faster trading times to maximise business opportunities.”
“The NPP is a foundational pillar of Australia’s future financial framework and will transform society as we know it. Moving money in realtime is really just the starting point.”
“The benefits of the NPP have the potential to make our entire financial system both cheaper and faster. It’s resilience to fraudulent attacks can also positively effect the welfare of society as a whole by reducing financial crime.
“It can automate several aspects of the payments process and by leveraging technology on top of it it’s possible to action as many of those processes in real time. Broad adoption will make business easier for so many companies across the country.”
