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ggm

NPP has been hugely beneficial for p2p. I've used it and now trust it implicitly, as a mechanism.

Being stuck in cheque clearing bank settlement delay is a royal pain.

International funds clearance and KYC remain problems.

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NPP is on it's way to being really handy, but it still sucks that I have to hack things to force NPP for some payments

(ie. CommBank will only use NPP for PayID payments, but banks like Up will use NPP for transfers for a BSB/Account number if the receiving banks supports it, not all banks are fully on the platform yet)

The downside is my teenagers can now shake me down for cash remotely

NPP is a joke. There's a limit of $1,000 for transfers. It doesn't always work if you don't use a PayID.

Compare that to Faster Payments which easily works with 250k with or without a PayID

That transaction limit is only a bank imposed limitation - while out of the ones I checked, Commonwealth (and I assume some other) does have a $1K daily limit for personal accounts, various other banks appear to have higher limits or just use the regular transaction limit (which you can usually choose yourself).

If you regularly need to move 250k sums electronically inside the Australian economy, using this kind of mechanism, I'd love to know what you're doing. Only because I am nosy: I cannot conceive of transactions on this level which demand NPP class behaviour.

I think the idea is that it is very common to transact in amounts >$1000. Rent, car payment, direct deposit, etc.

> If you regularly need to move 250k sums electronically inside the Australian economy.

Paying sub-contractors, settling property transactions, the list goes on.

When buying a house, I remember having to withdraw $60k in cash from my savings bank account and walking over and depositing it in another because it would take the other bank 3 working days to clear a bank-cheque. Some banks do offer an over-night inter-bank mechanism, but surprisingly CommBank does not.

I don't think it was designed for what you want to do. Interesting problem: fast efficient payment of GST-incurring and other taxable money in a low doc manner.

> NPP is a joke. There's a limit of $1,000 for transfers. It doesn't always work if you don't use a PayID.

ANZ have a $5000 limit. It's down to the bank to enforce this.

I'm fairly sure this is to ease it into use. I would assume that as it becomes more ubiquitous (many banks don't even have it yet) the limit will increase.

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