New Payments Platform
Australia’s New Payments Platform is coming to Credit Union SA.
Australia’s New Payments Platform is coming to Credit Union SA
And we’re more than a little excited. The New Payments Platform (NPP for short) is going to be a new, faster way for Australian consumers, businesses and government to send and receive money.
The NPP is an industry-wide initiative that will provide Australians with four key benefits missing from current Australian transfers:
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.
Send and receive payments 24 hours a day 7 days a week. You won’t have to worry about business hours or weekends slowing your transfers.
Forget BSB and Account numbers, the NPP will allow you to send money to people using a simple identifier known as a PayID. Your PayID can be your mobile phone number, email address or an ABN if you’re a business.
Send more detailed descriptions and remittance information with each of your payments, up to 280 characters.
The NPP will allow real-time processing for payments like wages, bill payments and transfers to friends and family.
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.
You’ll also have greater certainty when sending money through the NPP, because when you use someone’s PayID to send money you’ll be provided with the name of the person or business it belongs to. So you can rest easy knowing the money you’re sending is going to the right person.
The NPP will be monitored by industry anti-fraud bodies that are committed to the ongoing collaboration and cooperation on standards and industry best practice for fraud protection. This commitment, coupled with our existing fraud prevention and management capabilities and experience, ensures the integrity of the NPP service is maintained and innocent victims of fraud are protected from losses caused by unauthorised payments.
For Credit Union SA members, connecting with Osko and the NPP will be easy. Any transfers you make in Internet Banking or one of our Mobile Banking Apps will automatically be sent in real-time, as long as the recipient’s financial institution is part of the NPP. The only difference is you’ll be able to transfer funds using either a PayID or a BSB and account number (as you currently do).
All of our transaction and savings accounts will be NPP ready, so any payments made to you (like wages and transfers from family and friends), will be received in real-time if the sender’s financial institution transmits the payment via the NPP.
Don’t have our Mobile Banking app yet? You can find out more information and download the app that’s right for your phone.
We’re very excited about the launch of the NPP later this year, which promises to be the next big advancement in banking, speeding up and simplifying how we all transfer money to one another. Watch this space for more information on the NPP in the future.
For more information on the NPP please refer to the NPP Australia website:
Using your Member Number to receive payments?
When the New Payments Platform launches, if you are currently using your Member Number to receive payments to your account, these may be credited to a different account than expected and any payroll splits you’ve set up with us won’t work.
So if you currently have a payroll split or have multiple Credit Union SA accounts receiving one or more payments by Member Number, action on your part is required:
To be ready for real-time payments, here’s what you need to do...
1. Check if you have any payments coming from a payer(s) using your Member Number as opposed to your Account Number. Payment sources may include:
- Your salary
- Centrelink payments
- Other forms of income
- Any other funds which are regularly paid into your account
2. For those payer(s) paying you via your Member Number, provide them with BSB 805-007 and your preferred Account Number instead.
3. If you would like your incoming payments to be split across other accounts, such as your Home Loan or Netsave Account etc., then you will need to set up Scheduled Payments within Internet Banking from your preferred account nominated above in Step 2: select Transfer and bills > Pay member > Select date > Frequency > Set Schedule
Alternatively, if you don’t use Internet Banking you can call us on (08) 8202 7777 or visit your local branch and we’ll help you get everything sorted.