Zepto (the Australian fintech previously known as Split Payments) has become the first non-ADI and accredited CDR data recipient approved to connect directly to the NPP as a Connected Institution.
NPP Australia offers a number of different connection pathways to the NPP. These pathways are designed to enable organisations with differing needs and regulatory statuses to use the Platform and its data-rich real-time capabilities, while maintaining safeguards required for a real-time payments system.
Today there are more than 105 banks, credit unions, building societies and fintechs connected to the NPP via one of the available pathways.
A Connected Institution can initiate real-time payments from a customer’s account by installing an NPP payment gateway in their own environment. A Connected Institution does not need to be an ADI as it is not involved in the clearing and settlement of NPP payments. They are required to meet certain technical connectivity and security requirements to connect directly to the NPP.
NPP Australia has aligned the certification and accreditation requirements for Connected Institutions with the Consumer Data Right ACCC accreditation model. This means if a prospective Connected Institution is a CDR-accredited data recipient, they are still required to fulfil NPP Australia’s eligibility criteria but are likely to have already satisfied much of the required criteria.
NPP Australia welcomes Zepto to the NPP and looks forward to working closely with them as they undertake the various steps required to establish their technical connectivity.
For more information email communications@nppa.com.au