What’s one thing that you know is yours only and something that no one else has? Maybe it’s a unique artefact you were gifted by great uncle John or a birthmark you’re proud to show the world, but what about something as simple as your mobile number or email address?
Coming soon is the new industry initiative called the New Payments Platform or NPP.
We’re excited to be working behind the scenes with the 13 other financial institutions backing this fast, simple and smart system for your payments.
Executive Manager, Chief Risk Officer, Shawn Anderson says, “The existing system can be slow and cumbersome. If you transfer money, at best it’s in the account the next business day, but it can take up to 72 hours. This new system is 24/7 365 days; there’s no hold up because it’s after 5pm or it’s a weekend. You transfer me money at midnight, I receive it in real time.”
Another key piece in the new system is the doing away with the clunky process of needing to know BSB and account numbers to transfer money. Instead, you enter a person’s PayID which will be their mobile number or an email address, which ever they have used to set up the PayID linked to their account.
A PayID is unique to you and you only, in the same way that the combination of a BSB and your unique account number is. The difference is that the experience is easier for you.
No longer will you be waiting 24 to 72 hours for payment from a friend for their share of dinner. Plus, when you receive their payment, it will come with their accompanying message so you’ll know what it's for.
If you need to pay someone and they’re registered for PayID, you’ll only need their PayID to transfer money directly into their bank account. And they'll also receive it in a super speedy timeframe!
Once NPP launches in Australia we’ll invite you to register for PayID via your Internet Banking. In the meantime, you can get ready by keeping your contact details up to date via visiting your local branch, online via Internet Banking or calling us on 1800 075 078.