15 Oct 2021 | Zepto News
One of Australia’s Most Innovative Tech Companies. Again.
Zepto has been recognised for the second year running in the Australian Financial Review BOSS Most Innovative Companies Awards.
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New Payments Platform [NPP]
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Zepto is now an approved NPP Connected Institution
Zepto now sits at a crossroads of open banking, real time payments, changing consumer habits, rapidly evolving merchant capability and, importantly, a melting pot of opportunity.
This is huge.
Hot on the heels of becoming the first Australian non-bank payments provider to become an Accredited Data Recipient [ADR] under the ACCC’s Consumer Data Right [CDR], Zepto is now the first non-bank FinTech approved to connect directly to the New Payments Platform [NPP] as a ‘Connected Institution’.
Zepto is the first non-bank FinTech to be approved as an NPP Connected Institution
We have an incredible opportunity to redefine what is possible across the payments and open data landscape.
It means we can scale and innovate for our customers on our terms and theirs. And notably, being a Connected Institution will enable Zepto to deliver the NPP’s PayTo service with minimal links in the chain and less friction when it comes online in mid-2022.
This is an incredible milestone that you may have already read about in the Australian Financial Review. These certifications speak to our maturity as a business in that our security, policies, and processes meet world-class levels of scrutiny.
Not only is it an incredible achievement for Zepto as a business, but it’s also a win for our customers. We now have unique opportunities to develop products and services that differentiate us in the market, and can be delivered in our own way at our own pace.
Zepto is now the first non-bank to receive such significant accreditation at an infrastructure-level, and it represents another example of our commitment to innovation across the payments and open banking landscape.
“In securing the Connected Institution and ADR accreditations, Zepto has reached a significant new milestone in our ability to bring a new generation of faster, smarter payments to market."
We set out with an intention to level the paying field, and these accreditations prove that you don’t need to be a traditional bank to bring enterprise-grade compliant and reliable instant payments solutions to Australian businesses.
Our approval for Connected Institution status supports our innovation agenda by positioning ourselves as close to the NPP payment rails as possible to deliver frictionless experiences that solidify trust.
CEO of NPP Australia, Adrian Lovney, said: “NPP Australia is delighted to welcome Zepto as the first non-ADI and accredited CDR data recipient approved to connect directly to the NPP as a ‘Connected Institution’. This enables Zepto to move forward to start the steps required for technical certification.
“The NPP is designed to be open access and our goal is to encourage broad participation while maintaining safeguards required for a real-time payments system and the ongoing protection of consumers.
We look forward to seeing Zepto continue to bring payments innovation to life via the NPP when our third party payment initiation service – PayTo – commences rolling out next year.
Huge thanks must go to Zepto’s Fab Four–Trevor Wistaff, Matthew Zaina, Soumya Srinivasan and André Parra–who managed the rigorous application process at our end, and the brilliant people at the NPPA for their support and encouragement every step of the way.
Zepto has proven that its technology is more than capable of supporting explosive growth for its customers. Connected institution status means we’ll be set up for serious scale, and–in the spirit of our approach to payments–we plan to execute at speed.
We are excited by what we see on our innovation roadmap from here, and we look forward to you joining us on our mission to level the paying field.
For more information, drop us a line at enquiries@zepto.com.au.
