What does Fast Payments do?
Fast Payments allows you to be paid or make payments in near-real time, often in seconds. You may notice some people referring to the same platform as the New Payments Platform (NPP) or simply as PayID, but we call it Fast Payments.
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 using either a BSB and account number or PayID.
24/7 availability – payments can be made and received 24/7, outside normal banking hours.
Data Enriched – the ability to send more complete payment information with transfers.
Simple Addressing – PayID enables you to address payments more easily to a recipient using an identifier like a mobile phone number, email address, ABN or an organisational identifier.
What is PayID?
PayID is a ‘smart address’ or unique 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.
Once other people have set up their PayIDs, you can send money to them in the same simple way.
You won’t need to provide your financial account information, such as BSB and account number to receive a payment. You simply need to provide your mobile number or email address – whichever one you set up as your PayID.
How safe is my PayID?
Using PayID is just as secure as traditional means of transferring money. You will continue to receive Police Credit Union’s high level of security offering you the safest way to access your money online, with our Guardian Fraud Protection Service, 24/7 monitoring through our fraud experts, and SMS One Time Passwords.
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?
The name of the person or company that you are paying will appear for confirmation before you finalise your payment using a PayID.
What if I transfer money to someone who doesn’t have a PayID?
You can still transfer money to anyone from any financial institution, however the funds will only transfer in near real-time through Fast Payments, if the recipient banks with a participating financial institution. Payments to non-participating financial institutions will take the standard time of transfer.
What is Osko®?
Osko by BPAY™ facilitates Fast Payments made between accounts with participating financial institutions who have also joined this platform. You will see this logo, if you are able to use Fast Payments as a payment transfer option in Online Banking and in our Banking App.
Speed of payments: Osko
Simplicity of payments: PayID