Cash transfers between three of the big four banks will happen in less than a minute with a new payment system

Three of the big four banks have introduced a near real-time payment system from Tuesday in a drastic change to online payment methods. 

Commonwealth Bank, Westpac and National Australia Bank said that from Tuesday, they would start offering customers the ability to make money transfers that will settle within less than a minute, instead of the usual three days. 

ANZ Bank, however, is not launching the service to its customers yet, as they are continuing to test the system to ensure its security for customers. ANZ would announce how it will rollout the fast payment system to its customers in the coming weeks. 

NAB and Westpac will introduce the features in a staggered rollout, however, CBA will introduce the features to their clients straight away.

The NPP will allow customers to transfer money more easily with the creation of a PayID, which allows them to link their account with an email address, business number or phone number. This means that BSB or account numbers are not necessary to the transaction. 

The chief executive of NPP Australia, Adrian Lovney, said that they had recognised the frustration over how long it takes to move money, and that this initiative would leave Australians better connected. 

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