on air now

New Payments Platform: Faster transactions, but is it safe?

The age-old complaint that banks take days to move money from one account to another seems to be at an end.

Australians will finally be able to send instant payments in “real-time” with the launch of the New Payments Platform (NNP).

But while it will mean faster and easier payments, it also poses a risk to account holders.

To find out more, Ross Greenwood speaks with NPP CEO Adrian Lovney.

“We’ve been working on this program for about four years and we’ve come to the year of about a year of testing.

“From today we’ve started to make it available to the public.

“The platform will start to roll out over the next four weeks.

Mr Lovney tells Ross scams and fraudulent behaviour still remains a risk.

“People should be careful of scams.”

“People should take care and never give away their passwords.”

Listen to the full interview below

Ross Greenwood also speaks with Talking Technology host Trevor Long who has concerns regarding the NPP.

Trevor explains the technology uses a mobile number which comes back with a person name.

“In my view, it’s a privacy concern for some people.

“I’m just warning people, if you use your mobile as the identifier, this reverse lookup can happen.”

Listen to the full interview below