What does NPP mean for businesses and how on earth do they implement it?
Since going live on the 13th of February last year, retail banking customers have adopted NPP on mass. In fact, a number of major banks now use the NPP as a default method of transferring funds between Australian accounts. However, so far, progress has been slower for businesses despite some obvious benefits of real-time, data-rich, immediately-resolved payments. And not only that: NPP payments have the potential to be significantly cheaper than credit cards – the only alternative real-time option.
We at Moneytech specialise in the automation of domestic payments flows for businesses. From our perspective, it looks like there are two reasons for the slower business adoption rate. The first one is obvious: not all banks have made NPP payments available for their business customers. This prevents some businesses from making use of the faster payments option even when they see the benefits.
The second reason is less obvious: without a way of sending and receiving automated messages when you make and receive payments, real time ceases to be real time unless you have someone constantly monitoring your banking portal. The real value add comes when your business software communicates with your NPP-enabled bank account directly. This is where fintechs like Moneytech can make a real difference.
To learn more about how Moneytech can improve your businesses payments infrastructure, join the team at Moneytech’s “Coding for Payments, Developer Workshop”. RSVP here or contact the team at [email protected]
