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NPP the Australian Experience by Susan Bray

Presentation at the SWIFT Business Forum 2016

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NPP the Australian Experience by Susan Bray

  1. 1. 1 NPP The Australian Experience Susan Bray Executive General Counsel, Australian Payments Clearing Association Limited
  2. 2. Disclaimer 2 Please note that any views expressed in this presentation are the personal views of the speaker and do not necessarily represent the views of the Board of NPP Australia Limited, Australian Payments Clearing Association Limited or individual payment system participants.
  3. 3. Why are we doing this? Pressures: regulatory demands 3 “….market forces might not be sufficient to produce some types of innovation that are in the public interest…[and] innovation is important to [the Board’s regulatory] mandate” Payments System Board, Reserve Bank of Australia, June 2012
  4. 4. 4 Real Time Payments Committee, 2012 In Australia we did some serious thinking…. Two key assumptions arise: •There will be a wide diversity of user need for real-time payments… the needs of particular communities, and particular contexts, are becoming more bespoke and tailored …automated and remote.” •Payment systems, schemes and services will themselves become more diverse and more competitive over time. …payment systems and schemes are becoming more commercial and competitively oriented.
  5. 5. 5 The Australian Model: the New Payments Platform
  6. 6. Elements of basic infrastructure 6 Ubiquitous open network ISO20022 global standard Fast ADI to ADI turnaround New platform, not a replacement Real-time value delivery through RBA Simple Addressing
  7. 7. Overlay services – key concepts 7 Using the infrastructure, but commercially run Varied and potentially competitive Payment providers must belong to infrastructure, but can choose which overlays to use Extra “tailored” data – to link payment with transaction Conditionality
  8. 8. Why do it this way? 8 Versatility – Providers need to serve all, any time: p2p, b2b, g2g… Speed – In the era of the cloud, customer expectations are for real-time service. This must be built in. Data - richness – As economic activity goes fully digital, the payment must be embedded in the transaction.
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  10. 10. Who gets to play? “Participants” have equity in NPPA; they clear payments and/or process value “Identified” ADIs control accounts “Connected” institutions sign and send messages A “Settlement only Participant” uses another ADI to clear Participating ADIs All End Users Settlement only Participant Connecte d Identified ADIs 10
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  12. 12. Case Study – New Payments Platform Australia How it works 12 Payer / Ordering Customer SWIFT Payment GatewayBank Channels SWIFT Payment Gateway Fast Settlement Service Addressing Database $24h Overlay Services Payee / Beneficiary Customer SWIFT Payment Gateway Bank Channels Ordering Customer Bank Beneficiary Customer Bank RTGS Central Bank Settlement Clearing Settlement 1 2 4 3 Clearing happens directly between debtor and creditor banks Successful clearing triggers immediate settlement in RBA’s central settlement engine
  13. 13. First Overlay: the Initial convenience service • Mass-market, convenience • Intended to prove concept and encourage use • FIs to promote to their customers • BPAY recently announced as ICS provider 13
  14. 14. Account-to-Account Gap Mobile convenience service Ubiquitous POS Emergency Payments Direct to account ticketing / tolls Workflow Managers Conditional Payments Alternative Currency Redemption Property Transfer Data Rich Use of ISO Messages Electronic invoicing and remittances Data rich payments Participant services Fraud monitoring Batching Possible Overlay Services Potential new overlays 14
  15. 15. Things we learned 15 Determine which elements are collaborative and which are commercial Agree high level architecture early, but remain flexible Robust governance processes – so decisions stick Program management and implementation challenges Clear statement of objective that guides all subsequent decisions
  16. 16. 16 NPP The Australian Experience Susan Bray Executive General Counsel, Australian Payments Clearing Association Limited