What are real-time payments and when are they coming?
The introduction of the New Payments Platform (NPP) in Australia means that you'll soon be able to send and receive money in real-time. That means that, instead of waiting days for your money to arrive, transfers will soon take just seconds.
The NPP will go live in early 2018. If you want us to let you know as soon as it becomes available, make sure we have your most up-to-date contact details – you can update your email address in mobile or internet banking or call our Customer Care team on 138 001.
The NPP is new infrastructure (you could think of it as the equivalent of the NBN but for payments) that will enable you to pay and receive money in real-time between different banks. In addition to real-time payments, the NPP lets you add more information about your payments and introduces PayID.
A PayID is something easy to remember such as a mobile phone number, an email address or an ABN, that you can securely link to your bank account. If you have PayID set up on your account, you won't need to hand over your BSB and account number to get paid. Simply give them your PayID and the payment can be in your account in seconds. It's not only easier to remember, it reduces the risk of errors.
The NPP is the platform that enables real-time payments across different banks in Australia. BPAY will deliver Osko, the first ‘overlay service’ for NPP that enables transfers to be sent and received in under 60 seconds. While you may hear lots about Osko, you don't actually have to do anything different to use it. It's been built right into your your existing MyState mobile and internet banking transfers.
While an exact date has not yet been given, MyState will be among the first to launch NPP and Osko to customers. We expect this to occur in early 2018.
You don’t need to do anything to register for the NPP or Osko. It's built right into your existing MyState mobile and internet banking platform, enabling your external transfers to be sent and received in under 60 seconds. However, if you want to receive money easily via your mobile number, email address or ABN, you'll need to register for a PayID.
Just make sure we have your most up-to-date contact details so we can let you know as soon as registrations open. You can do this by logging on to Internet Banking or calling our Customer Care Team on 138 001.
When real-time payments are made available in early 2018, you can easily link your account to a mobile phone number or email address (register your PayID) from within MyState's mobile and internet banking. You can then provide this PayID to friends, family or businesses and get your money quickly and easily.
Making and receiving payments
For the most part, the transition to real-time payments will just happen in the background and will be built in to your existing MyState mobile and internet banking platforms. Once it's live, you can either continue to use a BSB and account number to pay or be paid money, or use a 'PayID' in the form of a a mobile number, email or ABN.
To make a payment just log in and go to your existing mobile and internet banking external transfers. The main change you will notice is the new ‘payment type’, which has the traditional BSB/Account option as well as mobile number, email address and ABN. If you have been provided with a mobile number, email address or ABN you just need to select this and fill in the details to make your payment through the NPP. If the receiving bank supports Osko it will be processed within 60 seconds, if not it may take a little longer as a Standard NPP Transfer.
You can continue to transfer funds using BSB and account numbers, however we will need to check whether the receiving bank supports NPP and Osko. If Osko is available this will be your default option, processing the funds within 60 seconds. If NPP is supported but not Osko it may take a little longer as a Standard NPP Transfer.
Even if NPP and Osko are supported you may still choose to ‘Process transfer as a Standard External Transfer’ - you may wish to attempt this if you are exceeding your daily NPP/Osko transfer limit of $1000. A Standard External Transfer is the traditional transfer type, supporting only BSB and account numbers. The timeframe for delivery is dependant on processing by both the sending and receiving institutions.
MyState will be among the first to support real-time payments when it launches and we'll automatically activate it on accounts that you can currently receive funds into.
To receive payments via a mobile phone number, email address or ABN you will need to register your PayID from within mobile and internet banking (in early 2018). You can then provide this PayID to friends, family or businesses to get your money quickly and easily.