HSBC is now live with the New Payments Platform (NPP). As part of our phased approach, you will be able to receive incoming NPP payments with effect from 1 October 2020.
Anytime payments
The New Payments Platform (NPP) is a new infrastructure in Australia that will enable customers of different banks to make and receive domestic real-time payments, 24 hours a day, seven days a week, 365 days a year. HSBC Australia is a direct member of the New Payments Platform Association.
Payment cut off times will soon be a thing of the past. As business models have developed to provide a 24/7 customer experience, NPP will allow you to manage payments and fulfil your service offering anytime, anywhere.
Customers of HSBC
As an HSBC account holder, you will be able to receive domestic NPP payments with effect from 1 October 2020. There is no fee to receive near real time payments through NPP.* Some financial institutions have not launched NPP and therefore do not yet support this payment type.
*As long as the payer is making the payment to a BSB account number.
Near real-time settlement
The payment value for your NPP payment is received on a near real time basis**. This can help to speed up the cash allocation and reconciliation process for your finance team. With collections settled in less than a minute, NPP is able to support ‘just in time’ business models and can help your organisation optimise its working capital.
**NPP collections are settled between 5 seconds and 1 minute.
Richer transactional data
NPP provides an option to assign up to 280 characters against each transaction. This rich information can assist your Accounts Receivables team with faster reconciliation and reporting, minimise Days Sales Outstanding (DSO), and contributes to working capital optimisation.
Streamlined reporting
Through HSBCnet you can receive your end of day and intra-day bank statements with up to the minute transaction details. You can also access HSBCnet for real time updates as part of your account information.
