It’s an Exciting Time for the FinTech Industry!

With the launch of the NPP Platform and myself heading off to Melbourne this week for the #SeamlessAU conference, I naturally thought it an appropriate time to write a blog on the NPP Platform. The Fintech/Payments space and is currently growing at a compound annual rate of 76% which I’m sure you will agree is pretty rapid.

What is the NPP?

The New Payments Platform (NPP) is a new national, open access payment infrastructure for the Australian economy. It gives consumers, businesses, and government departments a secure and efficient platform which they can use to make fast, versatile and data-rich payments to meet the evolving needs of a 24/7 digital economy. The NPP Platform is expected to go live in the middle of October 2017.

How does it work?

The NPP is designed to use ISO 20022, which is an International Organisation for Standardisation (ISO) format used for electronic data interchange between financial institutions or organisations able to move money and data. The benefit of ISO 20022 is that it is a global standard with messages able to convey more data than most other messaging formats.

Who is involved in the NPP?

  • Australia and New Zealand Banking Group
  • Australian Settlements Limited
  • Bendigo Bank and Adelaide Bank
  • Citigroup
  • Commonwealth Bank of Australia
  • Cuscal
  • HSBC Bank Australia
  • Indue
  • ING Direct
  • Macquarie Bank
  • National Australia Bank
  • Reserve Bank of Australia
  • Westpac Banking Corporation

PaymentGateway

I recently spoke to Zahid Farhan who is the Product Development Manager for the NPP Platform at Cuscal. I asked him questions on how the project is currently tracking and whether the project will be delivered, as well as some of the key challenges that the industry faces with the project.

With such a large and complex industry program, it is always very difficult orchestrating the industry milestones and this was always going to be a major area and challenge as it involves aligning industry milestones to the set date which is becoming more and more difficult as the date approaches.

When discussing key challenges the industry is facing with Zahid, his response was that it has been challenging to manage an offshore/onshore team consisting of developers, business analysts, project managers and testers for the project. It was never going to be easy setting up core banking customer channels such as mobile and internet banking so there has been a very heavy focus on this aspect.

However, regardless of the challenges, Cuscal is set to deliver on the required date in October along with the other 12 participants of the NPP platform.

If anyone is attending Seamless please reach out as I would be very interested in hearing about projects and how individual companies are operating in the Fintech Sector.

I’d also like to hear from Payments professionals on the post-implementation stages and the challenges and maintenance of the platform to understand further what challenges they are facing. Let me know if you are attending Seamless by commenting below or reaching out directly on alastair.p@interpropeople.com or alternatively give me call on 0406 278714. You can also view my profile on our website by clicking here.

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