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Instant bank payments are coming: Here’s what you need to know

February 6, 2018

Instant bank payments are coming: Here’s what you need to know

Newsagents and customers will soon be able to access instant electronic transfers between a number of financial institutions, with the New Payments Platform officially being rolled out in February.
While the NPP system had been tipped to launch in Australia Day, it appears to have been pushed back to February 2018. Once in place, the system will allow customers of 13 participating banks, including the Big Four, to send and receive electronic financial transfers instantly between different institutions, removing the current two- to three-day delay.