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Fast Payments: How to Guide

Learn how to set up your PayID, add new payees and make a Fast Payment…

Fast Payments is here

As part of our Better Banking promise, we are continually improving our digital platforms to give you #BetterAccess to your money. One of these access options, Fast Payments, which is a part of the New Payments Platform, allows our Members to securely send and receive payments via Online Banking and the Banking App in a faster, simpler and smarter way!

Fast Payments: How to get started

Register for Online Banking

If you haven’t already, you will need to ensure that you are registered for Online Banking. This will allow you to make a Fast Payment using Online Banking and our Banking App.

Make sure your contact details are up-to-date

It is important to ensure that we have your correct and current email address and mobile phone number. You can check and edit your details yourself using Online Banking or view your details using our Banking App.

Want to register for Online Banking? Not sure if your contact details are correct? Call us on 1300 131 844 or visit a branch and we can set you up immediately.

Set up your own PayID – it’s easy:

Setting up a PayID will allow other people to make near real-time Fast Payment transactions to you using your email address or mobile phone number. You can set up PayIDs using Online Banking, our Banking App or by speaking to one of our staff members. To create a PayID yourself, just follow these simple steps:

Use Online Banking

  1. Login to Online Banking
  2. Select the Payments tab and then Manage PayID
  3. Choose Add PayID to bring up the Create PayID screen
  4. Select the required contact from the drop-down list or select Add or Update Contact Details if the required details you need are not listed already. A SMS One Time Password will be required before you proceed with adding a new contact or if you update an existing contact on the Contact Details
  5. Scroll to Add PayID to finish adding in your new contact details

Now let’s link your PayID to your account

  1. In the Create PayID screen you will be able to link a contact detail to your account by clicking Link PayID to Financial Account and then choosing an account from the Financial Account dropdown
  2. Then click Get Email or Get SMS – a new verification code (One Time Password) will be sent to your mobile or email address
  3. Once you receive the verification code, type this into the Enter your Verification Code
  4. Click the link to read the Terms and Conditions of Use and tick the checkbox to confirm
  5. Click Create

You will be returned to the Manage PayID screen where the newly created PayID will appear in your list. You can now share your PayID with others and be paid without having to share your BSB and account number. PayIDs are designed to work seamlessly with the Osko service so you will now be able to receive payments faster than ever before.

Setting up your own new PayID using our Banking App is just as easy using these steps:

  1. Login to the app
  2. Select Transfer from your main home menu.
  3. Select PayID
  4. Select Add New on iPhones or select the plus symbol on Android
  5. Select a mobile number or email address from the list and nominate an account you would like to link to one of these contact details. Note: if you want to add in a new mobile number or email address, these will need to be added via the Additional Services menu in the app, via Online Banking or by a staff member
  6. The PayID name will be displayed. This cannot be changed and is based on the name that is recorded against your membership. Note: the PayID name will be displayed when other people use your PayID to send you a payment, to verify they have entered the correct email or mobile number
  7. Please read the Terms and Conditions. Then click Get Email or Get SMS – a new verification code (One Time Password) will be sent to your mobile or email address for you to finalise the process

Want to set up your PayID using an Australian Business Number ABN or an organisational name? You can by calling us on 1300 131 844 or visiting a branch. You cannot do this via Online Banking or our Banking App.

Although you can have multiple unique PayIDs with different financial institutions, each PayID can only be linked to one account.

Set up a new payee (someone you would like to pay) with their BSB and account number or PayID

To transfer money to a new payee with Online Banking, follow these steps:

  1. Login to Online Banking and select Payments
  2. Choose Transfer Money then select the account you wish transfer funds from
  3. Add in your payee’s details in the New Personal Payee option. You can choose to set them up using their BSB and account number or PayID* (email address, mobile number or ABN)
  4. A SMS or Email One Time Password will be required to finalise the process

Setting up new payees using our Banking App is just as easy using these steps:

  1. Select Transfer from your main home menu
  2. Select the account you wish to transfer from
  3. Select Payees or To Others
  4. Select Add New on iPhones or select the plus symbol on Android
  5. In the Select an option menu, you can choose from a list of options to set up a payee (BSB and account number or PayID – email address, mobile number or ABN)
  6. A SMS or Email One Time Password will be required to finalise the process

Once a PayID has been created, you will be able to transfer funds to this payee from the Payments or Transfers menu by selecting To others.

* Before you can set up a payee using their PayID they will need to have registered it with their financial institution.

If the payee’s financial institution offers Fast Payments using the Osko® service then an Osko logo (see below) will appear in Transfer Type and the funds should be available within minutes, otherwise the words Standard Transfer will appear and the funds may take up to 3 business days to be available. Don’t forget BSB and account number are still options available for standard transfers.

Fast Payments: Sending a Payment

When you login to your account to transfer funds, you will notice some changes we have made to how transfers look in Online Banking and the App. These changes have been made to make sending Fast Payments easy.

Your Online Banking Transfer Money page used to look like this:

Fast Payments in Online Banking will now look like this:

Fast Payments using the Police Credit Union Banking App:

Login to the Banking App and follow these steps:

  1. Select Transfers on your main home menu
  2. Choose to transfer a payment To Others

You can also make a Fast Payment via the View Accounts menu on the main home menu:

  1. Select the account that you wish to transfer money from
  2. Then select Payments with an iPhone or Transfers with an Android from the tabs
  3. Choose to transfer a payment To Others

If the payee’s financial institution offers Fast Payments using the Osko service then an Osko logo will appear in Transfer Type and the funds should be available within minutes, otherwise the words Standard Transfer will appear and the funds may take up to 3 business days to be available. Don’t forget BSB and account number are still options available for standard transfers.

Changes to your PayID:

You can make changes to your PayID by using Online Banking and the Banking App – you can change the linked account, transfer or close a PayID. However, once closed, you will need to recreate your PayID. Changes to your PayID will require a SMS One Time Password to finalise.

Safe and secure with PayID 

Your money is safe and secure with PayID. This system has been developed with security in mind and includes the following features:

  • Unique Verification Codes – unique codes are required to set up PayIDs
  • Money cannot be taken from your account – your PayID can only be used by someone to pay you– it cannot be used to take money from your account. Fast Payments can only be authorised within Online Banking and the Banking App
  • Added privacy – once created, you can share your PayID when someone needs to pay you, so you can keep your account details such as BSB and account number private.
  • Know who will be receiving your payment – when transferring money to a PayID, you will have extra peace-of-mind as the name of the person or business linked to the PayID will appear before finalising your payment
  • 24/7 security monitoring and certified to the highest data security capabilities – this is in addition to the existing high security standards met by all financial institutions including Police Credit Union. We also offer Guardian Fraud Protection Service

We’re here to help:

Have some questions? Need some help? Call us on 1300 131 844 or visit us in branch.