P&N Bank on board with faster, simpler, smarter payments

A game-changer in payment services is here

The frustration of having to wait days for money to be transferred from one person's bank to another is over following the official launch of the New Payments Platform (NPP) - a revolutionary system that allows Australians to transfer money instantly.

P&N Bank, WA's largest locally owned bank, is one of the first to make this new system available to WA customers.

P&N Bank CEO Andrew Hadley said P&N wanted to offer this service to its 93,000 members as soon as it became available because it will make their lives so much easier.

“P&N Bank is thrilled to officially be part of the launch of the NPP,” Mr Hadley said.

“The faster, simpler and smarter payments platform is the biggest electronic payment initiative ever undertaken in Australia and will provide a massive improvement for consumers,” Mr Hadley said.

So how does it work?

A huge part of this new platform is the introduction of PayID. This will mean members can now use their mobile phone number or email address as an identifier, rather than having to remember or share their usual BSB and Account Number for payment.

Simple peer to peer payments to family and friends, or even small businesses that accept bank transfers, will be able to be made instantly 24/7, as long as the person receiving the payment uses a bank participating in the rollout of the NPP initiative.

What are the benefits of NPP?

Faster

• It allows customers to make payments in real time between banks. The NPP allows the transfer of money from one account to another within seconds, through participating Financial Institutions.
• Transfer money at any time of the day or night, 24 hours a day, 7 days a week, 365 days a year, meaning the convenience of faster availability of funds.

Simpler

• Customers will no longer need to provide their BSB and Account numbers. Instead people can use their email address or mobile phone number to identify their accounts via their PayID.

Smarter

• People will be able to send much more information with each payment, rather than be constrained to the current limit of 55 characters.
• When customers transfer money using the NPP, they will receive confirmation the payment is going to the right place before they confirm and finalise the transaction.

How do you register for a PayID?

Members can now sign up for a PayID and begin making faster, simpler and smarter payments. Members can register for a PayID via P&N Bank Internet banking or the P&N Bank smartphone app. Members may have already received a push notification suggesting they upgrade to the latest version of the app.

Once members register, they can start using their PayID and the NPP (via Osko) instantly.

For more information or assistance on the NPP or creating your PayID please contact P&N Bank on 13 25 77.

Read the Media Release to find out more.

Read the Media Release to find out more