With superannuation funds and employers now operating within SuperStream guidelines the New Payments Platform is the next major technology-driven initiative designed to further streamline greater efficiencies. Mandated by the Reserve Bank of Australia, the NPP is expected to be operational by 2017 and will require all Authorised Deposit Taking Institutions (ADIs) including banks, credit unions and building societies to be connected in a standardised way to ensure funds are accessible immediately.
According to Ron Mullins, Director – Business Development Network for IQ Group, “Digital is the all-purpose catch phrase for the consumer world we live in today. The use of technology, access to services and social media sees superannuation consumers expect straight through processing outcomes that lead to real-time and very immediate services.”
He continued: “The impact on the entire financial services industry will take some time to realise, but the NPP will drive the market forces to produce innovation that is in the public interest – across banking, superannuation, wealth management and beyond. Australia will become the fifth country in the Asia Pacific region to adopt such a platform, and the 12th global country overall since 2001 that has introduced a real-time payment system.”
The payment platform will also see another generation of innovation launch. Payments will be able to be initiated using mobile phone number, email addresses or ABNs – rather than the traditional BSB and Account Number. Another key benefit for consumers is that funds will be accessible almost as soon as payment is received even when the payer and payee have accounts at different financial institutions.
The South African Banking system is considered to be early adopters of the real-time payment platform system, and the IQ Group in South Africa has been an integral part of this exciting journey since 2006. It has worked in conjunction with industry and business partners to understand what is required, determine what needs to be implemented and tracked the business and operational efficiencies that this system has generated.
About IQ Group
IQ Group has helped superannuation and wealth management clients to achieve better business outcomes, delivering independent advice on technologies, processes and regulatory change as well as first-rate project delivery for more than 15 years in Australia.
In a time of unprecedented industry and market change for the superannuation and wealth management industries, IQ group understands the technological and regulatory forces impacting organisations. At IQ Group over 80 specialist consultants are helping clients prepare for tomorrow, today. “Intelligence. Applied.” Our motto sets the benchmark against which we measure our performance. Some think, some do - we do both.
IQ Group is part of a global company with offices in South Africa and the USA.
Follow IQ Group:
Our updates on Twitter at twitter.com/ @IQGroup_AUS
Our insights on our weekly Blog - http://www.iqgroup.com.au/blog
Cathryn van der Walt
0402 327 633
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