Wise has become the first FinTech to join the New Payments Platform (NPP) in Australia.
In Brief:
NPP is open access infrastructure for fast payments in Australia.
Wise is the first FinTech to join as a participant and shareholder.
Wise’s Australia business can connect directly to the NPP to clear and settle real-time payments.
What does this mean?
The NPP marks a collaboration between industry, government and regulator to enable instant payments for low value transactions in Australia – however it’s been slow to onboard FinTechs, with Wise being the first one since NPP began in 2018.
