Skip to main content
Financial Assistance Hub

New Payments Platform to transform Australian banking

13 February 2018

The launch of the New Payments Platform will transform the banking experience for everyday Australians and put an end to the inconvenience of the ‘three day wait’.

Splitting a bill at a restaurant, paying a tradesperson or even transferring money to one’s kids will all happen in real time, thanks to this new state of the art system which has been driven, funded and implemented by Australia’s banking and financial services industry.

Australian Bankers’ Association CEO Anna Bligh said that the New Payments Platform was a major win for customers who would revel in the ability to make payments in real time with no delay.

“This is the biggest thing to happen in the industry since the inception of internet banking 10 years ago. It’s a great example of Australian banks leading the way for their customers,” Ms Bligh said.

“The New Payments Platform is a $1 billion investment to deliver a better service to Australian customers, primarily funded and driven by banks.

“When fully up and running this brand new, cutting-edge system will mean that Australians who want to pay a tradesperson, split a bill at a restaurant or sell a piece of furniture online can make and receive payments instantly.

“We are among the first nations in the world to have such a system, with ours learning from others to create cutting-edge technology.

“Customers have long told banks that the old system of delayed payments between banks was a hindrance and inefficient in a digital world where everything is expected to occur instantly.

“This new system will transform the way people bank by abolishing the three days wait for transfers between accounts of different banks.

“Customers can rest assured that this new innovation is safe, with banks as always taking strong measures to protect personal information.

“The new PayID, launched over the weekend, will mean that remembering your BSB and account number will be a relic of the past with a simple identifier such as a mobile phone number able to be used to receive payments into your account,” she said.

It’s important to note the New Payments Platform will be implemented in a staged approach over the course of the year. For more information, and to find out if your bank is participating, visit nppa.com.au.

ENDS

Contact: Rory Grant 0475 741 007

Latest news

1 / 3
Transcript
ABA CEO Simon Birmingham interview on News24 with Laura Jayes
1 October 2026

E&OETV InterviewInterview on News24 AM Agenda1 October 2026 Topics: Card surcharging ban; Interest rates; Refinancing Laura Jayes: Well credit card, any card surcharges are banned from today. I know customers will be happy. Small business, though, they’re not so sure. Joining me live now is the Australian Banking Association Chief Executive, Simon Birmingham. Simon, great… Read more »

Read more
Transcript
ABA CEO Simon Birmingham interview on FiveAA Adelaide with Stacey Lee and Jonno Edwards
1 October 2026

E&OERadio InterviewInterview on FiveAA Adelaide1 October 2026 Topics: Card surcharging ban Stacey Lee: Well, speaking of budgets, everyone’s are tight at the moment and they might get a little bit tighter from today because card surcharges have come to an end. It’s the first of October. It’s a deadline on a whole lot of things,… Read more »

Read more
Transcript
ABA CEO Simon Birmingham interview on ABC Adelaide with Sonya Feldhoff and Spence Denny
1 October 2026

E&OERadio InterviewInterview on ABC Adelaide1 October 2026 Topics: Interest rates; Hardship support from banks; Card surcharging ban Sonya Feldhoff: Simon Birmingham is the CEO of the Australian Banking Association. He’s also a former SA senator and finance minister. So, all of these things have been very much in his purview for a long time. Simon… Read more »

Read more