New Payments Platform (NPP) - Australia

The Platform
The NPP is a payments infrastructure that enables Australian consumers, businesses and government agencies to make real-time, data-rich payments between accounts at participating financial institutions. It supports real-time clearing and settlement for simple or complex payment solutions and has the potential to deliver significant back-office efficiencies.
The NPP can simplify payments through its Addressing Service, called PayID. It can also support more information sent with payments, such as written text or links to externally hosted documents. An example of a service using these capabilities is Osko by BPAY.
The Platform has been designed to be extensible, meaning it will evolve to meet the future needs of Australian consumers and businesses.


Source and more information available on the NPPA website.