A list of the institutions is available on the NPPA website.
A statement from NPPA said consumers and businesses would be able to
- transfer money instantly between accounts at different institutions at any time;
- include more information along with the payments; and
- use a PayID which lets one see the name of the payee before payment is sent.
The first product to be built atop the platform is Osko, a person-to-person payment utility from BPay. A statement from BPAY said more than a million dollars had already been transacted since it went live this morning.
Osko will be found where people would normally pay someone with a BSB or account number, "Pay Anyone", or "Pay Someone" in either online or mobile banking.
The NPP platform went live in November last year and the public launch was early today.
iTWire has asked NPPA for a list of the 60 financial institutions participating in the platform.