New Payment Platform, NPP, is Australia national payment platform that enables fast, rich, flexible and expandable payments. Here are 3 main business improvements that come along with NPP:

1- Manage cash flow

Businesses get access to their money almost in realtime. Meaning that a merchant selling worth of $1000 in store or online, does not have to wait for 2 or 3 days anymore for the sum to be credited to their account. It happens in few minutes!

2- Reduce payment errors

No longer a payer needs to double check BSB and account number or the card number! You can send
payments to others using your bank mobile App, payees phone number and email address. As soon
as payer selects a payee to send money, the payee's name and information is shown to the payer so
there is no room for human error in a payment.

3- Clearing, settlement and reconciliation of the money is without delay

Not only payments are cleared within few minutes of the time of the transaction, but also a refund
can be done in few minutes too. It means higher customer care for businesses.

Presentation provided by Westpac