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Bulletin - March 2020
The NPP is a new payment system infrastructure designed primarily for retail payments, which was developed and is owned by NPP Australia Limited (NPPA).[1] It allows consumers, businesses and Australian government agencies to make fast, datarich payments 24 hours a day, every day of the year. NPP payments made between customers of different financial institutions are settled finally and irrevocably in real time in central bank funds through the FSS, a settlement system built by the Reserve Bank of Australia (RBA). This allows institutions to make funds available in recipients’ accounts immediately without ... (full story)