Paypa Plane connected directly to as preparations for PayTo continue

NPP Australia is pleased to confirm that NPP digital payments provider Paypa Plane has received  approval to connect directly to the New Payments Platform (NPP) as a Connected  Institution. Paypa Plane is known for being an early innovator in payment initiation and recently entered  a partnership with the Commonwealth Bank focused on accelerating the delivery of PayTo. NPP Australia offers a number of different connection pathways to the NPP, all designed to  enable organisations with differing needs and regulatory statuses to use the Platform and its  data-rich real-time capabilities, while maintaining safeguards required for a real-time  payments system. A Connected Institution can initiate real-time payments from a customer’s account by  installing an NPP payment gateway in their own environment. A Connected Institution does  not need to be an ADI as it is not involved in the clearing and settlement of NPP payments.  They are required to meet certain technical connectivity and security requirements to  connect directly to the NPP. NPP Australia welcomes Paypa Plane to the NPP and looks forward to working closely with  them as they undertake the various steps required to establish their technical connectivity. Paypa Plane CEO Simone Joyce said connecting with the NPP would accelerate the bank grade platform’s offering to help banks meet the needs of SMEs in real-time. “We are looking forward to helping to accelerate the development of the PayTo ecosystem in  Australia,” Ms Joyce says. “PayTo is an essential lift in functionality taking us one step closer to the fast data-rich  financial systems of the future and through connecting to the NPP we are able to help banks  and PSPs to rapidly evolve their product offering.” Today there are more than 105 banks, credit unions, building societies and fintechs  connected to the NPP via one of the available pathways. PayTo is a new, digital way for merchants and businesses to initiate real-time payments from  customers’ bank accounts which will commence rolling out from mid-2022.