A Smart Addressing System will enable individuals to link a phone number, email address and Account details to enable payments to be made without having to remember the BSB and Account details.
Allow customers to use simple, easy to remember addresses (e.g., identifiers such as ID card, email, phone numbers) to make payments
Allow AIPs and PSPs to connect to National Registration databases to complete customer enrolment and "Know Your Customer" verification processes.
Allow AIPs and PSPs to access identification information to provide various services (i.e. customer registration, verification, and authentication) using any supported address.
Smart addresses should be issued and managed by PSPs to ensure that the customer is uniquely identified by the PSPs.
Smart Addressing eliminates the need for sharing of bank account numbers and other sensitive information required to make payments.