New Payments Platform Fast. Secure. Easy.
Australia’s New Payments Platform is coming.
And we’re very excited and proud to be one of the first financial institutions in Australia to be offering this to our members. The New Payments Platform (NPP for short) is a new, faster and simpler way for Australians to send and receive money, and it’s coming in early 2018. The new system has the potential to change the way we pay for everything, from second-hand goods on Gumtree to paying a tradie.
|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.|
|The NPP has been developed with security in mind. It is certified to the highest data security standards, and will be monitored 24 hours a day, 7 days a week. It is being rolled out across over 50 Australian financial institutions.|
|Instead of having to remember 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. When making a payment using a PayID, you’ll automatically be shown the name of the person who owns that PayID before you approve the payment.|
|Send and receive payments 24 hours a day 7 days a week. You won’t have to worry about business hours, financial institution cut-off times or weekends slowing your transfers.|
|Send more detailed descriptions and remittance information with each of your payments, up to 280 characters.|
All of our transaction and savings accounts will be NPP ready, so any payments made to you (like transfers from family and friends), will be received in real-time if the sender’s financial institution transmits the payment via the NPP.
Forget your BSB and account number with a PayID smart address for real-time payments.
Money sent in real-time. All NPP payments will be sent via the Osko system.
Safe and secure
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.
Built for purpose
The NPP has been collaboratively developed by the Reserve Bank of Australia, NPP Australia and over 50 other financial institutions. The world class payments infrastructure will give consumers, businesses and government departments the ability to make fast, versatile and data-rich payments to meet the evolving needs of our 24/7 digital economy.
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.