Real-Time AUD Payments: An Overview of the New Payments Platform

Xe Consumer APAC

December 2, 20193 min read

We recently published an article announcing our faster Australian dollar payment capabilities made possible by the New Payments Platform (NPP). Since posting the article, we have seen hundreds of our customer shift to paying us via the NPP. However, we’ve also had many questions for more information about the NPP and how it works.

As such, we’ve put together the below guide to give our customers an overview of the NPP, it’s key capabilities and benefits and how it works.

What is the NPP?

The NPP is a payments infrastructure or set of ‘rails’ that enables Australian consumers, businesses and government agencies to make real-time, data-rich payments.

The platform is unique to many other fast payment systems around the world, in that it has the flexibility to support many different products and services as they are built and evolve over time.

Key features and benefits of the NPP

  1. Speedier payments – available anytime, anywhere

    Thanks to the NPP, customers are now able to make real-time payments between participating financial institutions – 24/7, 365 days a year. This means no more lengthy delays waiting for your payments to settle.

    These payments are facilitated by the RBA’s Fast Settlement Service.

  2. Easy-to-remember banking IDs

    Thanks to the NPP’s PayID Addressing Service, customers no longer need to try and remember account and BSB numbers when making payments.

    Now, customers are able to set up easy to remember banking IDs or aliases, such as their phone number or email address, to direct payments to their accounts.

    When making payments to XE, all you need to do when paying us via PayID, is direct your payment to

  3. Richer payment information

    Previously, customers were restricted to 18 characters when trying to come up with a useful payment description.

    The NPP does away with that, giving customers a generous 280 characters with which to describe their payments – this can include links to externally hosted documents and emojis. 🙏*

    *N.B. We love emojis, but please make sure you still include your contract reference or client number to make sure your payment is processed as quickly as possible!

How does the NPP work?

When paying XE (to our legal entity HiFX Limited), you simply need to send us your funds via Osko and address your payment to For more details about how to make a payment to a PayID, check out our previous article.

Osko is the overlay service that sits on top of PayID Addressing Service.

From there your payment will be settled in real-time via the RBA's Fast Settlement Service and reach our team in a matter of minutes - which means we can start paying out your funds more quickly.

You can take a look at how the process works below.

Register for an XE Money Transfer account or log in to your account to get started.

If you have any questions, please contact us and we'd be happy to help.

Personal accounts:
Business accounts:

Please Note:
The information, materials, accompanying literature and documentation available on our internet site is for information purposes only and is not intended as a solicitation for funds or a recommendation to trade. XE, its officers, employees and representatives accept no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

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