Australia: Reserve Bank Consults on New Payments Platform Access and Functionality Arrangements

On October 29, 2018, the Reserve Bank of Australia (RBA) launched a consultation seeking feedback on issues regarding the functionality of, and access criteria to, the New Payments Platform (NPP), which was launched in February 2018 and operates on a 24/7 basis.

By means of the NPP, the RBA has managed to fill in many gaps identified in its 2012 Strategic Review of Innovation in the Payments System, and financial institutions that are members of the platform are enabled to roll out improved financial services to their customers.

To become a member of the NPP and benefit from its functions, interested financial institutions must meet certain risk-based eligibility criteria, which vary according to the type of access sought and the business model of the institution.

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