Hey Ozb,
So I heard on the news not to long ago that next year the banks will be introducing a more efficient, more faster way to transfer funds between accounts and P2P/B2B called NPP, New Payments Platform.
This is touted to remove the need to wait the usual 3-5 business days or overnight transfer time for any funds moving from x-y
What's everyone's view on this?
When I heard it I know I got excited at the concept.
Can't wait, to be honest … There is no justification for the current timeframes we are experiencing.
Agree 110%
NPP probably = blockchain
from what I've heard, this is the expected time frame .
Yeah true. Hope they stay on schedule and launch it officially on time.
What i really like is that you can transfer money on abn number, mobile number, tfn etc. Don't need to remember bsb and account numbers anymore . Plus the best part you can attach a file with the transfer. Will make alot easier for business to keep track of invoices and payments.
Well, so far 12 of the major banks and financial institutions signed up, but a lot of the regional and smaller ones are missing out. No idea why.
From my experience in other countries, it is instantaneous. The NPP is promising to be similar. So, yeah, finally Aussie banks are catching up with the world.
The only concern I would have is if this means we are more exposed to fraud as there is not enough time to follow up on any dodgy transactions. 3-5 days is not good, but I'm not keen on instantaneous either. Overnight is fine by me.
Which banks have signed on to this? Is ING Direct one of them?
• Australia and New Zealand Banking Group Limited
• Australian Settlements Limited
• Bendigo and Adelaide Bank Limited
• Citigroup Pty Ltd
• Commonwealth Bank of Australia
• Cuscal Limited
• Indue Ltd
• ING Bank (Australia) Limited
• Macquarie Bank Limited
• National Australia Bank Limited
• Reserve Bank of Australia
• Westpac Banking Corporation
Does CommBank also include Bankwest?
Probably just means now they'll slug us end users with more penalties
3-5 days is just robbery now but there is no such thing as a free lunch
Update Question:
Obviously there is an AMAZING element to introducing this,
But it can also mean danger or security concerns,
Opinions?
They say that when internet banking was first introduced too, and to some degree, it was true. But after a period, when issues have been ironed out, the advantages outweigh the disadvantages, for the banks as well as the clients. This is similar, I think.
An end to the 3-5 day 1st tier bank squeeze over 2nd tier banks.
Perhaps a concession to a bank Royal Commission.
Does nothing to their loan shark/credit card rates.
in the U.K. they have a faster payments system. Reliably processes transfers within 2 hours. I think the fact that it can take more than just overnight is ridiculous. 3-5 days is this day and age just doesn't cut it.