NPP

New Payments Platform

NPP is Australia's real-time account-to-account payments platform. It provides immediate clearing and settlement and supports rich payment data.

The platform operates 24/7 and underpins services like Osko for instant consumer payments. NPP uses ISO 20022 messaging to carry detailed remittance information.

Related Terms

EFT

Electronic Funds Transfer

EFT is a broad term for any transfer of money from one bank account to another through electronic me...

BSB

Bank State Branch

A BSB is a 6-digit code used in Australia to identify individual bank branches for domestic EFT tran...

ISO 20022

ISO 20022 is an international standard for financial messaging that defines a common data model and ...

Direct Deposit

Direct deposit is an electronic payment method where funds are deposited directly into a checking ac...

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