Importance of using a PayID when sending money through the New Payments Platform (NPP)

As you would be aware, the New Payments Platform (NPP or Osko) allows almost real-time transfer of funds to other financial institutions, alleviating the 24 to 72 hours waiting period usually associated with such transfers.

From 1 August 2019, to send funds from your Queensland Country accounts through the NPP, you will need to obtain the PayID reference number of the person you wish to send the funds to and ensure you select the “TO PAYID” button when scheduling an external transfer in Internet Banking. The PayID can be the payment recipient’s choice of a phone number, email address or ABN number and they must have established it with their own banking provider.

Please note that using the “TO BANK ACCOUNT” option to schedule an external payment using the traditional BSB and Account number method will not see your payment made as an NPP payment.

Should you have any questions regarding this change, please feel free to call our friendly team on 1800 075 078.