Fast. Secure. Easy. Australia's New Payments Platform is coming
28 Nov 2017
We’re very excited. The New Payments Platform (NPP for short) is a new, faster way for Australians to send and receive money, and it’s going live early 2018.
This is the first in a four-part news series where we’ll give you all the information you’ll need to be ready for the NPP.
Update #1 | NPP | PayID | Osko by BPAY | Update your details
You’ll be able to make payments in real-time, with the money you send reaching the recipient’s account in seconds instead of the usual one-to-two day wait time.
The NPP has been developed with security in mind and is certified to the highest data security standards, and will be monitored 24 hours a day, 7 days a week. It is being rolled out across over 50 Australian financial institutions.
Instead of having to remember BSB and account numbers, the NPP will allow you to send money using a simple identifier – like your mobile phone number or email address – known as a PayID.
A PayID is a smart address for real-time payments that’s easy to remember – like your mobile phone number or email address. You’ll be able to register a PayID with Credit Union SA and link it to an account of your choice.
Then, when someone needs to pay you, just give them your PayID instead of your BSB and account number. Simple!
Osko by BPAY
Osko is the first payment service built on the NPP system, and it will be integrated seamlessly into our Internet Banking and Mobile Banking App, allowing you to make real-time payments 24/7.