As part of the New Payments Platform (NPP), instant or ‘real-time’ payments between some Australian bank accounts will be possible 24/7 from late 2017.

So instead of the usual two-to-three day wait for electronic funds transfers to go through, money will be available in accounts in a matter of seconds.

Once the new platform is live, customers of banks connected to the NPP will be able to make and receive faster payments.

Customers also have the option of associating their account details with a unique identifier such as a phone number or email address. Payments made through the NPP can be directed to that customer using this unique identifier and you can move this identifier between accounts or banks.

Over time consumers will benefit in even more ways as different payment providers and innovative companies use the NPP to deliver new products and services. The first will be delivered by BPAY.

Thirteen institutions are currently working on delivering real-time payments to customers, each at a different stage of implementation. They include ANZ, CBA, NAB, Westpac, ING Direct, HSBC, Macquarie, Bendigo and Adelaide Bank and Citigroup.

For more information on who is taking part in the NPP, and other frequently asked questions, visit nppa.com.au.