BSB 805 050

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BSB 805 050

Fast Payments

Welcome to a new era in everyday banking.

People’s Choice Credit Union will be participating in an industry wide initiative introducing the New Payments Platform (NPP). The NPP will allow participating financial institutions to provide their members and customers with Fast Payments. The new payment infrastructure will offer our members fast, secure, convenient payments when transferring money between participating financial institutions.

What does this mean?

Australians will soon be able to send and receive Fast Payments, 24 hours a day, 7 days a week!

Currently, it can take up to 72 hours to transfer money between financial institutions. The introduction of Fast Payments means that transfers between participating financial institutions will be processed and received in minutes. 

How will it work?

Osko®

Osko will facilitate the Fast Payments made between accounts at different financial institutions that have joined the platform.

PayID

The introduction of Fast Payments will also allow you to make and receive payments using a PayID. A PayID makes sending and receiving payments easy and convenient as it links your account to more common information such as your mobile number or email address.

Your accounts will still have a BSB and account number, but you will be able to provide your PayID to receive payments without disclosing your BSB and Account Number. You can also send money to others using their PayID.

You’ll be able to create your PayID securely through Internet Banking when Fast Payments arrive early in 2018.

Benefits of NPP

Fast

You’ll no longer have to worry about wait times, weekends or business hours. Your payments will be delivered in minutes.24 hours a day, 7 days a week. The introduction of PayID will also make sending and receiving payments easier and more convenient using a mobile number or email address instead of spending time looking up BSB and account numbers.

Secure

Your Fast Payments will be delivered securely, while capturing the detailed records of your transaction. Fast Payments also brings the added security of PayID. When using a PayID you will know exactly who you are sending your money to, as the process gives you the opportunity to validate your payment by seeing a name against the registered PayID before you send your money.

Convenient

Not only will your payments be fast, you’ll also be able to input a detailed description of your payment with up to 280 characters.

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