For businesses considering the move to real-time payments, speed may be the most obvious benefit. But for those already making the transition, the bigger opportunity can lie in what happens around the payment. 

Better visibility over cash management, fewer manual processes, greater certainty over payment status, and more flexibility around when payments are made. And for suppliers and business partners – faster access to funds. 

These were some of the practical benefits explored in a recent Australian Payments Plus (AP+) webinar on corporate Australia’s transition to real-time payments, bringing together Crisil Coalition Greenwich, bp Australia and AP+. 

From faster payments to better business processes 

Ian Andrews, Senior Relationship Manager at Crisil Coalition Greenwich, said conversations with finance and treasury leaders are increasingly moving beyond settlement speed to broader benefits across the business. 

“Liquidity and cash management came up time and time again,” Ian said. “It was all about faster access to funds and efficiencies when it comes to working capital.” 

Richer payment data can also support better reconciliation and straight-through processing, while customers, suppliers and employees can benefit from faster payments and better information about them. 

It’s a shift bp has experienced firsthand. 

As part of a broader transformation of its global treasury and cash management operations, bp moved the majority of its Australian inbound and outbound payments to real-time payments via the NPP.  

What changed for bp? 

The move has given bp greater visibility and control over cash, more efficient cash management and less reliance on banking cut-off times.  

“We’ve actually got to the point where we’re holding cash for longer, we’re paying later, but we’re actually paying earlier than what we were before,” said Marcus Bayer, Head of Finance, Global Business Services at bp Australia. 

That flexibility matters for bp’s business partners too. Being able to make payments on the same day, rather than 24 or 48 hours later, can make a significant difference for businesses operating on tight margins and managing wages, bills and other expenses. 

The shift has also helped bp simplify its payment processes, with fewer payment methods, less manual intervention and a more centralised, Enterprise Resource Planning (ERP)-led approach – bringing greater control over payments, data and cash flow. 

“Being able to manage the amount of payments that we do out of the organisation without the time pressure and stress of time zone and cut-offs has brought significant benefits,” Marcus said. 

There isn’t one path to real-time 

AP+ Executive Sponsor of the Move to NPP, Katrina Stuart, said the transition will look different depending on how an organisation makes and receives payments today. 

For some, real-time capability can be delivered through existing online banking or platforms such as accounting software with minimal back-office change. Others may start by deploying specific capabilities such as PayID receivables, or incorporate payments modernisation into a broader ERP or technology transformation. 

And businesses don’t have to change everything at once. 

“Start the conversation now,” Katrina said. “Understand what capability is available today and where you can start to see some of the benefits.” 

That could mean starting with a particular use case. Katrina pointed to Confirmation of Payee as one example, giving organisations greater assurance that payments are going where intended, including when onboarding a new employee or supplier. 

“Start somewhere, maybe for certain payment types or certain use cases, get some benefits and learning before you scale more broadly,” Katrina said. 

For businesses starting that conversation now, the opportunity isn’t simply to make the same payments faster. It’s to use real-time payments to support better cash management, simpler processes and better experiences for the businesses and people they pay.