More than 500 organisations have kicked tyres over access to the New Payments Platform over the last two years.
But, "no applications for direct access have been received during that time," NPP Australia disclosed in a response to the RBA's recent NPP Functionality and Access Consultation: Conclusions Paper
"We believe this is because many of these organisations are finding indirect access as an Identified Institution or as a customer of a bank meets their needs," the NPPA said.
The NPPA's response is a mostly cooperative acceptance of the complaints canvassed by the Reserve Bank of Australia six weeks ago.
There are now 80 institutions connected to the NPP (either directly or indirectly), and bank customers with more than 65 million accounts able to make and receive NPP payments.
Transaction volumes "are growing strongly as Participants continue to roll-out their NPP services," the NPPA said (see chart).
"We have been advised by Participants of plans and associated timings by which they anticipate extending NPP functionality to further channels or customer segments, resolving specific implementation issues, or extending services to additional identified institutions," the NPP board said.
"We also expect additional Participants to extend services to their customers in the next 6-12 months," a reference to the likes of Citi and Macquarie which have taken a deliberate approach and are now 18 months behind their peers.
The RBA's Conclusions Paper notes NPP Australia is expected to review access and subscription requirements for new joiners after two years' of operation.
"This review commenced in May 2019. As part of that broader review, we are committed to reviewing the eligibility criteria for participation and identifying opportunities to further liberalise access without materially introducing new risks.
"As recommended by the RBA, NPP Australia will submit its assessment of options for revised participation requirements by the end of October 2019."