BSB 806 015

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BSB 806 015

Frequently Asked Questions

Faster Payments

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  • How much will the New Payments Platform cost?

    There will be no additional costs to members for using the New Payments Platform.

  • What accounts can I link my PayID to?

    Each financial institution will have their own rules around which accounts they will permit to be linked to a PayID. We recommend registering your main transaction account with P&N Bank.

  • When will I know when faster simpler smarter payments is launched?

    We will notify all of our members through a number of channels as soon as they can start registering for PayID. We are anticipating that the New Payments Platform will be available in early 2018.

  • Do I need a PayID to send faster payments?

    No. A PayID is set up for you to receive payments without having to provide your BSB and Account Number. 

    When you submit a transfer via your Internet Banking or Mobile App, the system will determine whether the payment can be sent via the New Payments Platform. If the receiving bank has joined the New Payments Platform, then payment will be sent in real time. 
     

  • How do I know who I can send payments to?

    If the receiving individual has provided you with a PayID then this indicates the ability to receive New Payments Platform payments. 

    When you submit a transfer via your Internet Banking or Mobile App, the system will determine whether the payment can be sent via NPP. If the receiving bank has joined the NPP, then payment will be sent in real time. 

    If the receiving bank isn't using the NPP, you can still send the funds but it will take up to 3 days as per the existing timeframes. 
     

  • What do I do if I believe I have been scammed?

    You should notify P&N Bank immediately and we will attempt to recover the funds on your behalf however there is no guarantee that this will be successful.

    We encourage members to review the Scamwatch website and the Australian Cybercrime website prior to sending funds to a third party.

     

  • Can I continue using my BSB and Account number instead of a PayID. ?

    You can continue to use you BSB and account number if you don't want to use a payID

    The good news is if you choose not to use a PayID to receive payments, so long as the sending bank is also with the New Payments Platform, you can still send and receive your money in real time. 

  • Will my saved payees use the faster payments system when I next transfer?

    If the payees account accepts faster payments then the payment will go the fastest way (Osko).

    If you wish to send the payment using a PayID rather than BSB / Account Number, then you must set up a new Payee using the PayID details.

  • When will payments be sent via Osko?

    Within Internet Banking or the Mobile App when you select 'Pay Someone' and chose to 'Pay Now' the payment will automatically select the quickest route.

    All payments sent via  'Pay Later' (e.g. a scheduled transfer) will be sent via the traditional way via direct entry.

  • Why have the options to transfer funds changed within Internet Banking and the Mobile App?

    Internet Banking and the Mobile App have been updated to enable members to use the Faster Simpler Smarter ways to pay (NPP).

    There are now only two options for transfers, being the option to Transfer or Pay Someone. 

    If you wish to transfer funds between your own accounts, please select the transfer option.

    If you want to send money to any other account, you now select Pay Someone. If you wish to pay someone that also banks with P&N (previously done via Pay Member) please use the P&N Bank BSB 806-015. The payment will be transferred immediately.

    Our Internet Banking or Mobile App will automatically work out whether the payment can go by Osko, arriving faster. 
     

  • Do I have to use Faster Payments?

    Even if you haven't registered for a PayID, any transfers made via your Internet Banking or Mobile App will be sent via the New Payments Platform if available. If you're sending a transfer to a bank not using New Payments Platform (NPP), your payment will continue to be sent by direct entry channels, which may take up to 3 working days. 

  • Can I register the same email or mobile phone number with multiple banks?

    You may only register the same email or mobile phone number to one account with one Financial Institution. You may choose to have multiple PayID's to different or the same account.

  • Will I be able to send faster payments to all banks?

    No. The ability to send faster payments to other banks will be dependent on whether the receiving bank has joined the New Payments Platform (NPP). The person receiving the funds should confirm with their bank as to whether NPP payments are available.

  • What happens if I send money to the wrong person?

    We encourage members to review the Scamwatch and  Australian Cybercrime websites prior to sending funds to a third party.

    If you believe you have sent funds to the wrong person you will need to contact P&N Bank who will request the funds to be returned. It is important to note that, like existing funds transfers we can attempt to recover the funds on your behalf however there is no guarantee that this will be successful. Therefore it is really important as with all money transfers that you check all the details are correct before you send payments.

    The great news with using PayID's you will receive on screen confirmation of the recipient prior to submitting the transfer, so please ensure all details are correct before submitting the transaction.

  • Can someone take money from your account using your PayID?

    No. A PayID cannot be used to withdraw money from an account. It is only used to receive payments.

  • Is the New Payments Platform (NPP) safe?

    Yes. Protecting our members' funds is extremely important for P&N Bank and all New Payments Platform payments will be monitored by the same high levels of security that our existing transactions receive as well as our internet banking and mobile app security.

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