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

New platform allows Australians to make instant electronic payments 24/7

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.

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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.

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