Have Questions? We Have Answers
What is the New Payments Platform ?
The New Payment Platform is a brand new payment platform that will allow a transfer of money from one account to another between participating financial institutions in real time, 24 hours a day, 7 days a week. The new infrastructure enables real-time clearing and settlements of payments between participating Australian banks or financial institutionss.
What is PayID?
PayID is linked to your eligible bank account to receive or send payments. Your PayID can be the same number as your phone number, your email or your ABN – it’s like a nickname for your account. This makes it simple to send and receive money .
How does PayID work ?
Once it’s available you simply create your PayID within your online or mobile banking. PayID links to your choosen bank account. Then when you want to transffer money to someone you can by using their PayID or when someone wants to pay you, they will be able to by using your PayID.
What PayID types can be used?
The PayID types available to you depends on your financial institution. They will be able to tell you the PayID types available to you.Most common types are a mobile number, email address and ABN/ACN numbers.
What are the benefits of PayID?
PayID will benefit of quick and easy transfer of money to friends and family or businesses using their PayID. Money can be transferred almost instantly 24/7. Payments will include up to 280 characters of free text to describe your payment which allows you to keep better track of your money.
Where can I use my PayID?
PayID can be used via online or mobile banking. Once PayID has been created, they can tell people to make payments using PayID instead of giving out their financial account details.
Can I register a PayID with multiple banks?
A single PayID, can only be registered to a single financial institution and to one account. However alternative PayID can be
registered with another financial institution. You can also choose to have a multiple PayID’s types linked to the same account, this means that you can link a mobile number and email address to the same account.
How secure is real time payments?
The New Payments Platform is using highest data security standard. This is monitored 24/7. Also all payments will have the same high level of security that protects your existing bank account transactions.
Does PayID replace BSBs and account numbers?
BSBs and account numbers will not be replaced by PayID. Using PayID is just simpler, faster and smarter way of sending and receiving payments in real time.
Will BSB and account numbers disappear?
You can continue to use BSB numbers and account numbers send money and to make payments. Financial institutions have no plans of removing BSBs and account numbers.
Can I have multiple PayIDs?
One account can have multiple PayIDs. You can link email address or mobile number to the same account. Joint accounts can have two different email addresses or mobile numbers to the same account.
When will PayID be available?
Your bank, credit union or building society will contact you letting you when PayID becomes available. Once registration has been completed and PayID created, sending and receiving money will be fast, simple and secure.
Fast
Real time transffer of payments.
Simple
Using your phone number or email address.
Detailed
Payments to include up to 280 characters of tex.
Secure
High level of security, monitored 24/7.
