NPP Australia welcomes new shareholder
(17 May 2016 – Australia) NPP Australia Limited, the independent company formed by the payments industry to build and operate the New Payments Platform (NPP), announced earlier this week that is has its newest shareholder and program participant.
The NPP has signed on HSBC Bank Australia the first additional shareholder, to its 12 founding members.
The New Payments Platform (NPP) is new national infrastructure for fast, flexible, data-rich payments. It will be open to all authorised deposit-taking institutions so they can offer innovative, real-time payments services to their customers.
In a statement, NPP Australia Chairman Paul Lahiff said “HSBC brings a strong customer base and international perspective to the NPP. In becoming a shareholder, it is demonstrating its commitment to the future of real-time payments in Australia.”
Head of Payments and Cash Management for HSBC in Australia, Simon Babbage, added: “Our partnership with NPP Australia demonstrates HSBC’s commitment to growing its franchise in Australia - a priority market for the bank globally. We are delighted to be part of this major industry initiative and welcome the prospect of providing our corporate and retail clients in Australia with real-time payments.”
According to the statement from NPP, the platform is scheduled to be available in H2 2017.
NPP Australia Limited was formed in December 2014. The company’s 12 founding members include:
- Australia and New Zealand Banking Group Limited
- Australian Settlements Limited
- Bendigo and Adelaide Bank Limited
- Citigroup Pty Ltd
- Commonwealth Bank of Australia
- Cuscal Limited
- Indue Ltd
- ING DIRECT
- Macquarie Bank Limited
- National Australia Bank Limited
- Reserve Bank of Australia
- Westpac Banking Corporation
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