The new National Payments Platform (NPP) affect the way we send and receive payments between banks in Australia.
The new faster, simpler, smarter payments will 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 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.
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.
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.
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.
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.
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.
There will be no additional costs to members for using the New Payments Platform.
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.
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.
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.
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.
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.
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.
No. A PayID cannot be used to withdraw money from an account. It is only used to receive payments.
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.
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.
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.
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.
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