NPP moves into the build phase

NPP Australia has accepted the high level design concept for the New Payments Platform and will move the project into the "build and internal test" phase.

The project is scheduled for completion in early to mid 2017.

The NPP is being designed and will be built and operated by the financial messaging co-operative SWIFT, which was appointed in December last year.

In a statement released yesterday, NPP Australia said SWIFT had been working with the 12 participating organisations, as well as the Australian Payments Clearing Association and KPMG.

It said the board had accepted the design, subject to resolution of a list of adjustments.

Meanwhile, NPP Australia is working on the first overlay service for the projects. The New Payments Platform has been designed as a two-tiered system, combining payments infrastructure that will allow for data-rich real-time payments with competing commercial overlays.

The first overlay is being directed by NPP Australia to prove that the system works. It will involve person-to-person payments, a mass market service and probably mobile communications.

The NPP is conducting a tender to select the operator of the overlay, which has the catchy name Initial Convenience Service.