NPP Australia writes on its 'open access' model:
NPP Australia was not approached and asked to respond to the FinTech Australia commentary as stated in the Banking Day article "
Fintechs fed up with NPP".
Today more than?52?million account holders can make and receive payments via the NPP and close to?90 million transactions worth more than $75?billion have been?made (via BSB and account numbers or PayIDs) through a large and diverse group of more than 75 financial institutions.
There are no internal targets for PayID - its use is at the full discretion of Participating financial institutions, who offer customers the ability to make NPP-enabled payments to either BSB and account numbers, or a PayID.
The NPP has been intentionally designed to be 'open access' and five different access points have been developed (with relevant ACCC authorisation) to provide a choice of pathways that suit different organisational needs, while ensuring the safety and security of a real-time payments system in which Australians must feel confident.?
The NPP access model does not require new competitors to be 'accepted' by the initial Participants, other than meeting important technical requirements for direct participation that are about protecting the integrity and security of this vital payments infrastructure.
In our experience, most organisations want to use the Platform to make or receive real-time NPP payments, which does not require either direct participation, nor any 'acceptance' from other initial Participants. There are an increasing number of Participants who can support these organisations for their payment needs.
Assembly Payments, Transferwise, Up, BTC Markets, Carsales, Earnd and CoinJar are a few examples of organisations who are accessing the benefits of the NPP in different ways - and we anticipate many more to come in the future.
The RBA is currently conducting a thorough review of NPP access and functionality and we look forward to their findings at the end of that process.