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.
Early in 2018 the new National Payments Platform (NPP) will be launching in Australia which will affect the way we send and receive payments between banks in Australia.
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.
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.
There will be no additional costs to members for using the New Payments Platform.
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.
Osko by BPAY is the first product to leverage the capabilities of the New Payments Platform (NPP) including PayID and the RBA's Fast Settlement Service.
Osko by BPAY will enable people to pay in real-time with funds available almost immediately, regardless of their different financial institutions and time of day or week. It will also enable people to send a 280-character description with their payment, making it easier for both parties to know what the money is for.
OSKO does not replace BPAY. You will use OSKO when making electronic payments to friends or family (an individual) using P&N's internet banking or mobile app.
You can continue to use BPAY for bill payments to utility companies, councils and anyone else who accepts BPay.
Your PayID can be something you'll easily remember, like your mobile phone number or email address. Once registered, when someone wants to pay you, or you want to pay someone else, forget exchanging BSB and account numbers - share your PayID instead.
To pay someone using their PayID, simply log-in to your existing online or mobile banking and there you'll have the option to use a PayID like a 'pay anyone' function. When you enter a PayID, the system will automatically show you who the PayID is registered to, so you can check before you confirm the payment.
There is no action required to set up for NPP as all member payments will commence going through the New Payments Platform from launch if the receiving bank is with NPP.
If you wish to register a PayID, this can be done through your Internet Banking or Mobile App. We have created some educational videos to help you understand how.
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.
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.
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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