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BSB 806 015

Faster Payments

Faster, simpler, smarter payments heading your way soon

The days of waiting up to three days for funds to land in your bank account may soon be over, thanks to the new faster, simpler and smarter Payments -also known as New Payments Platform (or NPP for short) or Osko payments.

P&N Bank is excited to announce that we will be participating in the new faster, simpler and smarter payments platform commencing in early 2018. We know that the current systems, which apply to all banks, can be frustrating to members which is why P&N Bank has prioritized our participation in this brand new system for electronic payments. 

Faster

With OSKO, you can send and Receive Payments between participating banks in under a minute, 24/7.

Simpler

You can choose to make receiving payments easier by registering for a PayID. Your PayID is a unique identifier such as your mobile number or email, linked to your account.

  

Smarter

You'll be able to send more information with your payments by including up to 280 characters on each payment.

 How it works?

At the moment, to send or receive payments you use a BSB and Account Number which can take up to three days. Once the new faster, simpler, smarter payments goes live you will be able to send and receive payments using Osko (where applicable), meaning the payment will be received in under a minute.

To make it even simpler you can register and use a PayID.

A PayID can be your mobile phone number or email address and is linked directly to your account. This means you will be able to simply provide and/or use a PayID to send and receive payments in near real time through Osko.

With Osko®, one of the first NPP services available, you’ll be able to send or receive funds in seconds – 24/7 – to a friend or family member whose bank is also part of the NPP.

How to register for a PayID?

You will be able to create a PayID from early 2018 and we'll let you know as soon as this is available, in the meantime...

What can you do to be ready for faster, simpler and smarter payments?

  • Ensure you're registered for Internet Banking
  • Download our latest version of the mobile banking app. 
  • Update your personal contact details held by us.

 

For more information

For more information about the new National Payments platform and how it will impact your banking with P&N Bank please refer to the Frequently Asked Questions.

 To find out more about the new service generally, go to these websites:

New Payments Platform Australia 

OSKO by BPay

PayID

If you have any questions about faster simpler smarter payments please email us at [email protected] or call on 13 25 77.

Frequently Asked Questions

Got a question? You can find answers to some of the most common questions from our members here.

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