Re: [LINK] The New Payments Platform (NPP)

[Bernard Robertson-Dunn]

Browsing the NPP website:
http://www.nppa.com.au/

It's a technology infrastructure linking financial institutions. The
part between a customer (payer) and their financial institution is not
in scope. Neither is is the connection to a recipient (payee). 
There seems to be nothing about the larger context in which it will work
and so does not cover such mundane things as error processing,
exceptions, reversal of payments, resolution of disputes, etc etc.

This could go badly, or at a minimum have teething troubles, IMHO.

-- 

Regards
brd

Bernard Robertson-Dunn
Sydney Australia
email: b...@iimetro.com.au
web:   www.drbrd.com
web:   www.problemsfirst.com
Blog:  www.problemsfirst.com/blog

___
Link mailing list
Link@mailman.anu.edu.au
http://mailman.anu.edu.au/mailman/listinfo/link

Re: [LINK] The New Payments Platform (NPP)

[David Lochrin]

On Wednesday 28 December 2016 13:55:01 sylvano wrote:

> Given the banks' ESA looks to be driven by the Reserve Bank, then it should 
> be fine, yes?
> 
> http://www.rba.gov.au/payments-and-infrastructure/esa/

On my brief skimming of the above, it seems an ESA's risk is assessed by APRA 
but its liabilities are not guaranteed by either APRA or the Reserve Bank, and 
presumably not by the actual banks either.

> The facility to pay anyone instantly via their mobile number or email address 
> is very appealing.

Why so?  How many payments would you make by bank-to-bank transfer instead of 
cash, pay-wave, or other credit account transaction, or bank cheque?

Perhaps it's all part of an attempt to white-ant the cash economy?

Your's in paranoia,
David L.
___
Link mailing list
Link@mailman.anu.edu.au
http://mailman.anu.edu.au/mailman/listinfo/link

Re: [LINK] The New Payments Platform (NPP)

[sylvano]

The cost ought not be financial as the continued harvesting and linking of our 
identifiers such mobile numbers and emails is payment enough!!

Given the banks' ESA looks to be driven by the Reserve Bank, then it should be 
fine, yes?

http://www.rba.gov.au/payments-and-infrastructure/esa/

The facility to pay anyone instantly via their mobile number or email address 
is very appealing. 

New Payment Platform links:
http://www.apca.com.au/about-payments/future-of-payments/new-payments-platform-phases-3-4

http://www.apca.com.au/docs/real-time-payments/real-time-payments-proposal.pdf


Sylvano

> On 28 Dec. 2016, at 11:11 am, JanW  wrote:
> 
> At 10:51 AM 28/12/2016, Stephen Loosley wrote:
>> Real time payments overhaul coming in 2017
> 
> And no mention of what this new "service" ::cough:: is going to cost the 
> consumer.
> Nor how the links would be made to your email or mobile or etc.
> 
> Jan
> 
> 
> I write books. http://janwhitaker.com/?page_id=8
> 
> Melbourne, Victoria, Australia
> jw...@janwhitaker.com
> Twitter: JL_Whitaker
> Blog: www.janwhitaker.com 
> 
> Some psychopaths become serial killers, and other psychopaths become 
> prosecutors. - Bob Ruff, Truth and Justice, June 2016
> 
> Sooner or later, I hate to break it to you, you're gonna die, so how do you 
> fill in the space between here and there? It's yours. Seize your space. 
> ~Margaret Atwood, writer 
> 
> _ __ _
> ___
> Link mailing list
> Link@mailman.anu.edu.au
> http://mailman.anu.edu.au/mailman/listinfo/link
___
Link mailing list
Link@mailman.anu.edu.au
http://mailman.anu.edu.au/mailman/listinfo/link

Re: [LINK] The New Payments Platform (NPP)

[JanW]

At 01:01 PM 28/12/2016, David Lochrin wrote:

>I can't really see any advantage to ordinary users because transactions under 
>$100 such as the $2.50 coffee are now handled using "pay-wave" and that could 
>hardly be simpler or faster. 

Plus, I'd like to know where other than Maccas you can get a cuppa for $2.50!

Jan


I write books. http://janwhitaker.com/?page_id=8

Melbourne, Victoria, Australia
jw...@janwhitaker.com
Twitter: JL_Whitaker
Blog: www.janwhitaker.com 

Some psychopaths become serial killers, and other psychopaths become 
prosecutors. - Bob Ruff, Truth and Justice, June 2016

Sooner or later, I hate to break it to you, you're gonna die, so how do you 
fill in the space between here and there? It's yours. Seize your space. 
~Margaret Atwood, writer 

_ __ _
___
Link mailing list
Link@mailman.anu.edu.au
http://mailman.anu.edu.au/mailman/listinfo/link

Re: [LINK] The New Payments Platform (NPP)

[David Lochrin]

On Wednesday 28 December 2016 12:15:46 Chris Johnson wrote:

> Easy to make payments by phone number - so the currently experienced 
> frequency of making and receiving calls to wrong numbers will approximate the 
> frequency of payments going to the wrong recipient??

Good point... and what legal entity will then have the authority to reverse the 
payment?  Such a body would surely have to have delegated authority from all 
the banks?  I assume this wonderful system will only "push" and not "pull" 
funds to/from other accounts.

Will email addresses and 'phone numbers now be allocated once-only so somebody 
can't inherit bl...@isp.net.au address when the owner changes their provider?

I can't really see any advantage to ordinary users because transactions under 
$100 such as the $2.50 coffee are now handled using "pay-wave" and that could 
hardly be simpler or faster.  At the other end of the scale, most people don't 
buy $2.5M houses very often and the property-settlement process always requires 
bank cheques anyway.

Or is the big attraction of this proposal that it reduces the banks' 
responsibilities re security by interposing a third party?

David L.
___
Link mailing list
Link@mailman.anu.edu.au
http://mailman.anu.edu.au/mailman/listinfo/link

Re: [LINK] The New Payments Platform (NPP)

[Chris Johnson]

Easy to make payments by phone number - so the currently experienced
frequency of making and receiving calls to wrong numbers will
approximate the frequency of payments going to the wrong recipient??

Where does the identification authentication rest? my phone number is
public, the action of changing the account it relates to had better be
well authenticated.

On Tue, 27 Dec 2016 23:51:22 + Stephen Loosley
<stephenloos...@outlook.com> wrote:

> Subject: [LINK] The New Payments Platform (NPP)
> 
> Real time payments overhaul coming in 2017
> 
> By Clancy Yeates  December 26 2016
> www.watoday.com.au/business/banking-and-finance/real-time-payments-overhaul-coming-in-2017-20161206-gt50sv
> 
> 
> Sometime in 2017, a new system will be switched on that has the potential to 
> transform how you pay for everything from second-hand goods on Gumtree.com to 
> motorway tolls.
> 
> It will remove the clumsy process that requires you to enter BSB and account 
> numbers when wiring money to a friend or business.
> 
> The person being paid will no longer have to wait up to three days day for 
> money to arrive in their account.
> 
> This $1 billion piece of infrastructure, with the uncatchy name of the New 
> Payments Platform, goes live in the second half of the year.
> 
> While it has received little public attention so far, the system's launch is 
> a sign of Australia's system of digital money and payments finally catching 
> up with, and surpassing that of many other countries.
> 
> Australians have embraced electronic payments, but the infrastructure that 
> sits behind some of these systems lags that of other countries.
> 
> The RBA, which pushed the banks to develop and fund the NPP, said in 2012 
> that Australia's system of payments between bank accounts looked "a bit 
> dated," lagging less developed nations such as Mexico.
> 
> Once the new system is switched on, Australia will leapfrog other nations and 
> join only Sweden and Mexico in having "real time" payments.
> 
> "What people will notice from day one is the ability to move money between 
> participating bank accounts in a matter of seconds, and that'll be 24/7, 365 
> days a year," the NPP's chief executive, Adrian Lovney, says.
> 
> "There'll be no concept of a weekend or a public holiday, it'll work all the 
> time."
> 
> "Whether it's a $2.50 cup of coffee, or a $2.5 million property settlement, 
> the money will move between banks ESA [exchange settlement accounts] accounts 
> in real time," he says.
> 
> But aside from greater speed, what will consumers notice?
> 
> Here are three ways electronic payments could be overhauled the system being 
> launched in the second half of this year.
> 
> 1. You can forget about BSBs
> 
> At the moment, sending someone cash electronically requires knowing their BSB 
> number and account number. That can be a hassle and it's often simpler to use 
> cash instead.
> 
> Under the new system, BSB and account numbers will still exist, but you won't 
> need to know them in order to send someone money.
> 
> Instead, people can nominate some other "identifier" such as mobile number or 
> email address. You'll only need that identifier to send money to a friend, 
> pay a business, or have someone else pay you.
> 
> Banks believe this change will remove "pain-points" in the payments model, 
> which has had little change in the last 15 years.
> 
> The goal is to make everyday payments more like a transaction with Uber - 
> where paying the driver is taken care of automatically when you arrive at the 
> destination.
> 
> It's not what we get today when sending money to a friend - but that is what 
> many of us would expect.
> 
> "Despite expectations of an 'Uber-like' experience, Australians still face a 
> payments landscape filled with friction and inefficiency," the executive 
> general manager of NAB Labs, Jonathan Davey, said in a recent report.
> 
> 
> 2. Expect to see more time-saving apps
> 
> Giving people one "identifier" for their payments opens up all sorts of 
> possibilities to develop apps that can allow people to spend less time on 
> hassles such as paying multiple bills.
> 
> Developers will be able to invent these apps and on the NPP, even if they are 
> not banks.
> 
> Consider all the payments involved in owning a car, for instance. There is 
> registration, tolls, parking, insurance, fuel and maintenance.
> 
> Lovney says a savvy developer might invent a  system could be arranged to 
> automatically deduct payments when your car's number plate went through toll 
> booths, or parking fees when you went into parking statio

Re: [LINK] The New Payments Platform (NPP)

[JanW]

At 10:51 AM 28/12/2016, Stephen Loosley wrote:
>Real time payments overhaul coming in 2017

And no mention of what this new "service" ::cough:: is going to cost the 
consumer.
Nor how the links would be made to your email or mobile or etc.

Jan


I write books. http://janwhitaker.com/?page_id=8

Melbourne, Victoria, Australia
jw...@janwhitaker.com
Twitter: JL_Whitaker
Blog: www.janwhitaker.com 

Some psychopaths become serial killers, and other psychopaths become 
prosecutors. - Bob Ruff, Truth and Justice, June 2016

Sooner or later, I hate to break it to you, you're gonna die, so how do you 
fill in the space between here and there? It's yours. Seize your space. 
~Margaret Atwood, writer 

_ __ _
___
Link mailing list
Link@mailman.anu.edu.au
http://mailman.anu.edu.au/mailman/listinfo/link