Bank Australia is connected to New Payments Platform (NPP), helping make payments you send and receive in Australia faster and easier to do. This digital platform is the foundation for payment services like Osko and PayID - the result of a banking industry collaboration to improve payment services.
Fast: Make payments in near real-time 24/7, with funds being available almost instantly to the payee. To make the most of this service, create and link a PayID to your eligible bank account but you can of course still use your account name, number and BSB.
Simple: If you have a PayID, get paid or send money to someone without having to remember BSB or account details even if they bank with another bank.
Secure: NPP payments are subject to the Bank Australia’s current real-time fraud screening and detection capabilities.
Specific: Keep track of each payment with two unique reference fields that the sender can input and receiver can see - a detailed ‘Description’ (280 characters of text – use it to explain what the payment is for) and an ‘End to End ID’ (a short reference text – use it to share an invoice or receipt number for your records).
To find out more about the NPP platform, visit https://nppa.com.au/ .