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 New Payments Platform will allow participating financial institutions to provide their members and customers access to a faster payment service. The new payment infrastructure will offer our members real time, secure and easy payment options when transferring money between participating financial institutions.

What does this mean?

Australians will soon be able to send and receive funds in ‘real-time’, 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 NPP means that transfers between participating financial institutions will be processed and received in ‘real-time’. This means that you will be able to send and receive payments in seconds! 

How will it work?

Osko

Osko by BPAY will be the first service built on the New Payments Platform. Osko will allow real-time payments to be made between accounts at different financial institutions that have joined the platform.

PayID

The introduction of NPP will also allow you to make and receive payments using a PayID. PayID is an easy, convenient way to send and receive payments as it links your account to an easy to remember identifier 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.

Benefits of NPP

Fast

You’ll no longer have to worry about wait times, weekends or business hours. Your payments will be delivered in seconds. 24 hours a day, 7 days a week. The introduction of PayID will also mean you can quickly send and receive payments using a mobile number or email address instead of spending time looking up BSB and account numbers.

Secure

NPP has been designed to meet all security demands that apply to Financial Institutions. Your real time payment will be delivered securely with a complete audit trail. NPP also brings the added security of PayID. When using PayID you will know exactly who you are sending your money to by validating their name against their registered PayID before you send your money.

Convenient

Not only will NPP 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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