Powered by MOMENTUM MEDIA
the adviser logo
Lender

Heritage completes real-time payments rollout

by Reporter4 minute read
Heritage Bank

The community-owned bank is one of the latest to complete its rollout of instant payments via the New Payments Platform. 

Heritage Bank has announced that it has finalised the integration of the New Payments Platform – which was developed by a consortium of 13 financial institutions to facilitate instant, cross-institutional transfer of funds on a 24-hour basis – into its mobile banking app.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

The bank’s customers is now able to send and receive NPP faster payments through the app using a BSB and account number, or a PayID.

Heritage Bank CEO Peter Lock said: “We know they want fast, simple and convenient options to send and receive payments between financial institutions. That’s why we’re absolutely thrilled to offer NPP faster payments via our app.

Advertisement
Advertisement

“Through NPP faster payments, our members have more freedom in how they send and receive money and can easily keep track of how they stand financially in near real time.”

Despite the Reserve Bank repeatedly expressing disappointment at the “slow” and “uneven” rollout of the NPP, there are now more than 80 institutions connected to the platform, with the number expected to grow. 

The central bank also last month urged banks to make the system’s data-rich features available to customers, such as the ability to attach rich data to payments to enhance productivity. 

Even where NPP services have been enabled, some major banks still have significant functionality gaps in terms of the ways that payments can be initiated or the limits that are placed on payment amounts,” the RBA’s conclusions paper stated.

The slower-than-expected rollouts by some participants appears to reflect the complexity of their systems and underestimation of the degree of investment needed to meet delivery time frames.”

The RBA had launched a consultation in October last year to review issues related to the functionality of, and access to, the NPP, alongside the Australian Competition and Consumer Commission. 

It concluded that the governance systems of NPP Australia – the organisation established to oversee the development and operation of the platform – were appropriate and not limiting access to the system.

[Related: Non-bank lender says NPP will be ‘transformative’ for SMEs]

Heritage completes real-time payments rollout
heritagebank
TheAdviser logo
heritagebank

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

mark pesce futurist ajxjkn

Automation is changing, not replacing, the role of finance brokers

On Thursday (4 August), the Australian Financial Review (AFR) ran a story with the headline: “Finance brokers top...

READ MORE
des hang carbar zaheer jappie carclarity ta qtvnqr

CarClarity confirms partnership with car subscription platform

Established in March 2020, CarClairty is a finance platform that connects car buyers with more than 30 different...

READ MORE
anthony albanese profile ta vtpifc

Further grants confirmed for flood survivors, $47m pledged

According to a statement released by the federal government, the Back Home grant will be made available to impacted...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more