Home Strategy CommBank launches platform for easy payments
CommBank launches platform for easy payments Featured

The Commonwealth Bank is the first to begin offering the New Payments Platform, through which customers can register a PayID using the bank's app and avoid having to provide their BSB and account number to transfer funds from participating financial institutions.

The NPP infrastructure has been designed and built by the Australian financial services industry and allows the transfer of money between accounts across 60 different financial institutions.

A CBA spokesman told iTWire that more than 130,000 people had already registered to obtain a PayID.

Other participating financial institutions are listed on the NPP website. The NPP went live today but no other banks appear to have decided to start offering it immediately.

Commonwealth Bank executive general manager, Digital, Pete Steel, said the bank was proud to be among the first to offer the NPP to customers.

The NPP will initially be made available via the CommBank app. To receive near real-time payments customers can register their mobile number as their PayID.

“As the first major bank to offer real-time banking to customers in 2010, we welcome payment solutions that make it faster and easier to send and receive money between Australians," he said.

"With more than $6 billion of transactions across the CommBank app each week, we are pleased to be one of the first Australian banks to offer our customers a way to receive and make payments instantly from other financial institutions.

“We are committed to delivering a safe, high-quality option to our customers. We have offered instant payments between our customers for some years now and we look forward to seeing the take up across the industry now that the Platform has launched.”

Steel noted that the platform integrated into CBA’s current real-time banking offering which extends across the bank’s products and has been designed to operate 24/7, with zero downtime.

“We have used our previous experience deploying and running real-time systems to design and integrate this new way to pay. Our new, simplified modular architecture enables our payment services to be easily extended and we have plans in place to evolve and grow our offering as the Platform matures.”

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

 

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