New Payments Platform Will Be Operational Next Year

Sep 28 2016

New Payments Platform Will Be Operational Next Year Ending The Frustrating Wait

CEO, Phil Johns, has reported to Members that, at the Credit Law Conference held 14-16 September, one of the most interesting topics was the update on the pending changes to the way inter-bank transfers are made.  The new real-time payments system is known as the New Payments Platform.

 If all goes plan, this time next year, we should be able to transfer funds almost instantly 24/7 365 days a year!

This new technology will reshape the credit sector, and like all new technologies, it will challenge the need for older card technologies currently used to give consumers faster access to loan funds.  Consumers will be able to use their own cards to access loan funds seconds after you approve the transfer.

The New Payments Platform does not stop there.  Special program interfaces for mobile, tablet, and PC-based software also will be available to allow consumers access to the 24/7 365 days a year transfer functionality.

A further development is that the current 18 character limit on bank transfer descriptions is being expanded to a couple of hundred characters and when funds are transferred, you will be able to attach a document(s) to the transfer, which the receiver can view in an app or their banking software. For example, Members should be able to supply a copy of the loan contract and repayment schedule attached to the credit transfer. 

 Phil believes that these technology improvements are going to change the way lenders interact with their customers and expects that, as we get closer to the start date next year, there will be a significant amount of media on the topic.

 In the mean time, you can read more about this new and exciting technology here.