What does Fast Payments do?
Fast Payments provides consumers, businesses and government with faster, simpler, smarter payments through a fast, versatile, data-rich payments system. You may also notice people referring to the same platform as the New Payments Platform (NPP).
There are 4 key features of Fast Payments:
Speed – the ability to make payments in near real time, with close to immediate availability of funds within minutes, even seconds.
24/7 availability – payments can be made and received 24/7, outside normal banking hours.
Data Enriched – the ability to send more complete remittance information with payments.
Simple Addressing – a system called PayID that can enable consumers to more easily address payments to a recipient using an identifier like a mobile phone number, email address, ABN or an organisational identifier.
When and how can I register for Fast Payments?
Fast Payments will be live from 13 February, 2018. After this date, you can set up your PayID. To ensure you can set up a PayID, please ensure we have your correct and most up-to-date mobile phone number and email address.
What is PayID?
PayID is a ‘smart address’ or identifier for payments, created by linking your chosen financial account to an easy to remember piece of information you use every day – such as your mobile phone number or email address. With PayID, you can receive payments with ease, convenience and confidence. Once other people have set up their PayIDs, you can send money to them in the same simple way.
PayID is safe and secure as you no longer need to provide your financial account information, such as BSB and account number, plus you also have the ease and convenience of providing details which are easy to remember such as a mobile phone number or email address.
How safe is my PayID?
Your funds are just as safe using PayID as traditional means of transferring money. You will continue to receive Police Credit Union’s high level of security offering you the safest and most secure way to access your money online. With our Guardian Fraud Protection Service, 24/7 monitoring through our Fraud experts, and SMS One Time Passwords, Police Credit Union is committed to providing you with a secure banking environment.
Can someone access my money if they know my PayID?
No, a PayID cannot be used to withdraw funds from an account. Your PayID can only be used for payments and you can send payments to others using their PayID.
How will I know if I am paying the right person?
When making a payment to someone using their PayID, the name of the person or company that will receive the payment will appear for confirmation before you can finalise your payment.
What if I transfer money to someone who doesn’t bank with a Fast Payments or New Payments Platform participating Financial Institution?
You can still transfer money to anyone, from any financial institution, however the funds will only transfer in near real time via Fast Payments or the New Payments Platform if the recipient banks with a participating financial institution. Transfers to non-participating Financial Institutions will take a little longer or the standard time.
What is the difference between Osko® and PayID?
Osko by BPAY™ facilitates Fast Payments made between accounts with participating financial institutions who have also joined this new payment platform. With Fast Payments, you will start to see Osko when you transact with Online Banking and our Banking App.
A PayID is a unique identifier that is set up to pay or receive payments using a mobile phone number, email address or ABN for a business linked to your account. You will need to set up your PayID in Online Banking or in our Banking App or contact us in branch or by calling 1300 131 844.
Speed of payments: Osko
Simplicity of payments: PayID