A new whitepaper released today shows how Australian businesses are increasingly turning to real-time payments to improve cash flow, elevate customer experiences, and unlock new levels of productivity and innovation.
Titled Unlocking business opportunities with real-time payments, the whitepaper outlines how Australia’s real-time payments platform, the NPP, is enabling smarter, data-rich transactions 24/7. It also highlights the need for businesses to start planning now, ahead of major reforms like the proposed payday super reforms and the proposed future retirement of Australia’s legacy payments infrastructure, the Bulk Electronic Clearing System (BECS).
While the NPP may not be a household name, the brands it powers – like Osko, PayID and PayTo – are already familiar to millions of consumers in Australia. And increasingly, these services are being adopted by businesses as well, unlocking competitive advantages for those leading the change.
“Forward-thinking businesses are finding real value in faster payments, and we’re seeing use cases expand across a broad range of sectors – from retail to energy, telcos, superannuation and securities,” said Adrian Lovney, Chief Payments and Schemes Officer at Australian Payments Plus (AP+).
“The NPP is helping businesses of all sizes get ready for what’s next; whether it’s payday super, or the move toward smarter financial services.”
Key benefits emerging from the report include:
- Time and resource savings: many businesses reported spending less time chasing payments or resolving errors, thanks to instant payment confirmation and real-time information
- Greater protection and security: payment methods like PayID are reducing the need to store sensitive banking details, while PayTo helps improve payment security by ensuring customers authorise a payment in their online banking
- Enhanced customer experience: businesses in sectors such as e-commerce, services and insurance are using real-time payments to issue refunds and disbursements on the spot, boosting satisfaction and trust
- Optimised cash flow: real-time payment and settlement are helping reduce the liquidity constraints associated with traditional payment methods, and provide businesses with an accurate picture of their cash position
- Support for urgent and out-of-cycle payments: real-time payments are enabling faster payroll corrections, emergency payments and last-minute supplier transfers, reducing business risk and improving agility.
The whitepaper also highlights how businesses can get started in their transition to real-time payments, whether starting small with pilots, layering in PayTo as a new payment method for customers, or planning a full migration over time.
“Every business is different, but the direction is clear: real-time payments are here to stay. The sooner businesses start preparing, the more benefits they’ll unlock,” said Lovney.
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