Westpac fast payments rollout a ‘tipping point’
A $1 billion overhaul of Australia’s payment system has passed a key milestone, with all big four banks now offering near real-time payments to most of their customers.
After banks were last year criticised for taking too long to roll out a fast payment service, Westpac has switched on the new payments platform (NPP) for 3.6 million accounts, it said. It plans to roll out access for customers of St George and other brands it owns over 2019.
Westpac had previously only been offering fast payments to customers in some smaller states, not its home base of NSW, but the bank now believes it is contributing about a third of all the payments being processed on the NPP.
The NPP, launched last February, is a system that allows consumers to make money transfers that will settle within minutes, compared with today, where it can take up to three days for funds to arrive.
It also allows customers to transfer money to an external account without entering a BSB or account number, by registering for a “PayID” such as a mobile number or email account.
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