This New Payment Platform Will FINALLY End The Dreaded 'Split Bill' Drama

This New Payment Platform Will FINALLY End The Dreaded 'Split Bill' Drama

As reported previously, the system allows recipients to use their phone number, email address or an Australian Business Number (ABN) to facilitate transfer of fund with a simple addressing capability called PayID.

"We know that Australians are frustrated about the amount of time it takes to move money between accounts at different banks, which can sometimes be as long as two to three days", Lovney said in the release.

From today, local banks will commence roll-out of out a new payment platform, set to offer "instantaneous" transfers, 24 hours a day, seven days a week.

After months of speculation and in-house testing the New Payments Platform (NPP) has officially launched today, bringing with it a host of new capabilities which could transform the way Australians do their banking.

Westpac is also only initially launching the NPP to some of its customers - those in the Westpac-branded bank.

Another benefit of NPP is that customers can include additional information with their payments like additional invoices and receipts.

The NPP began as an industry-wide collaborative program to develop new, fast, flexible and data-rich payments infrastructure for Australia. In others, you may be required to choose an Osko payment first.

The NPP went live in November as a pilot for employees at some of the 13 financial institutions participating in the platform.

Bristol Palin's Husband Dakota Meyer Reportedly Filed for Divorce
Meyer has filed for divorce from the 27-year-old public speaker after nearly two years of marriage, according to Daily Mail . However, there are reportedly no documents filed for divorce yet, so it's not definite.

A key feature of the platform - which launched at a minute past midnight yesterday - is Pay ID.

Around 50 other smaller financial services organisations will also get access to the NPP through the core group.

Developed by the BPAY Group, Osko will work within an online or mobile banking platform in the same way BPAY does, but instead of paying your bills you'll be able to pay another person.

"We expect that over the next month or so, Australians will be able to transfer money instantly to each other through products like Osko by BPAY", Mr Lovney said.

Customers of Bank Australia were told: "PayID is now experiencing connectivity issues across the entire network, these issues should be resolved shortly". And if you need to pay someone else, simply ask them for their PayID.

Among these institutions were the Reserve Bank of Australia and the major banks with the Turnbull's government support. Each institution will tailor the experience to best meet the needs of their customers.

Treasurer Scott Morrison welcomed the launch of the new platform today. NPP allows customers to see the name of businesses and individuals they are sending the payment to before it is finalised for an added peace of mind about the payments.

Related news:

Hot News

isis-killer-beheading-video-story-top Shaun White wins third halfpipe gold medal after stunning final run
Feb 14, 2018 - 18:34
Team USA entered the PyeongChang Olympics with 96 gold medals in winter competition. "Sorry about that. That could have been the last time White, 31, competes on the Olympic stage.

isis-killer-beheading-video-story-top Authorities Respond to NSA Shooting
Feb 14, 2018 - 18:32
Earlier, Fort Meade garrison spokeswoman Cheryl Phillips said one person was injured in the shooting and was taken to a hospital. The White House said in a statement that President Donald Trump has been briefed on the shooting, according to the reports.

isis-killer-beheading-video-story-top USA men stunned by Slovenia in Olympic hockey opener
Feb 14, 2018 - 18:30
With under two minutes left in the third, Slovenia pulled its goalie, Gasper Kroselj, and Mursak scored to tie the game at 2. After four seasons with the AHL Griffins, he made his Red Wings debut in the 2010-11 season.

isis-killer-beheading-video-story-top Zuma has next move in ANC power battle as Gupta home raided
Feb 14, 2018 - 18:12
The leader of the new ruling party, who might succeed Zuma, is unlikely to change his country's position on the Sahara conflict. The ANC - which was once led by anti-apartheid struggle leader Nelson Mandela - reportedly gave Zuma 48 hours to step down.

isis-killer-beheading-video-story-top Celebrate Valentine's Day the single way
Feb 14, 2018 - 18:09
Generic Cards- Imagine you put a whole lot of thought into a gift, only to receive a basic card with just a signature inside. So you can either go for an assorted one or simply buy a readymade kit from any beauty and wellness store.

isis-killer-beheading-video-story-top Chuck Schumer: Democrats can't simply run towards Trump in 2018 midterms
Feb 14, 2018 - 18:08
As one aide put it to me: "We have to pin down the moderate Republicans somehow, and a deadline is the best way to do it". Tuesday morning, McConnell didn't rule out going beyond this week but makes clear he wants it done this week.

isis-killer-beheading-video-story-top Oxfam: Minnie Driver withdraws support over Haiti scandal
Feb 14, 2018 - 18:07
European Union officials in Brussels echoed London's threat, threatening to cut more than $40 million in aid to Oxfam. Plus, the global chairman of the charity has been arrested for corruption.

isis-killer-beheading-video-story-top Kuwait pledges $2bn to Iraq reconstruction
Feb 14, 2018 - 18:07
The United States under President Donald Trump also seems uninterested in directly investing in Iraq's reconstruction . Iraq aims to secure investments worth $100 billion to rebuild its infrastructure after a three-year war against ISIL .

isis-killer-beheading-video-story-top Sea of Thieves' Microtransactions Won't Affect Progress, No Loot Boxes Either
Feb 14, 2018 - 18:07
As the release date for Sea of Thieves fast approaches, Rare has finally let PC gamers in on the specs for their new game. It'll be fine!" "We're treating this like it's the next big IP for Microsoft", Duncan explained.

isis-killer-beheading-video-story-top Chris Rock's First Stand-Up Special in a Decade Debuts on Netflix Tomorrow
Feb 14, 2018 - 18:06
All of his myriad talents came together in 2014's widely acclaimed Top Five , which Rock wrote , starred in, and directed. It was directed by Bo Burnham , and filmed at the Brooklyn Academy of Music in NY .

Mariano Rajoy: Real Madrid should not sign Neymar from Paris Saint-Germain
Feb 14, 2018 - 18:04
Real Madrid are slight favourites to win in the betting market, and they can be backed at their best odds of 6/4 at Bet365. It motivates us for every challenge, including this Champions League , of course.

isis-killer-beheading-video-story-top India beat SA, take series 4-1 By
Feb 14, 2018 - 17:58
It's always a good feeling when you score a hundred and your team wins . "We stuck to our plans and am glad it came off". The ball went past between his bat and pad to Dhoni before the Indians were convinced they got the batsman out.

isis-killer-beheading-video-story-top Snapdragon X50 hits 4.51 Gbps
Feb 14, 2018 - 17:47
In the meantime, Qualcomm's freshly announced X24 LTE modem will support 2 gigabit-per-second speeds, the first of its kind to do so.

isis-killer-beheading-video-story-top Federal Bureau of Investigation contradicts White House on probe of ex-aide
Feb 14, 2018 - 17:45
Cupp's warning comes on the heels of two high-profile departures from the White House following allegations of domestic abuse . In an interview with the Wall Street Journal , chief of staff John Kelly was asked if the White House should have handled Mr.

isis-killer-beheading-video-story-top Ajax starlet Justin Kluivert open to future Arsenal move
Feb 14, 2018 - 17:41
Kluivert has scored seven goals and contributed four assists in 25 appearances this season. Of late, Kluivert has had the strongest links to Manchester United .