What you need to know about real time payments

Here’s all the essential information you need to know about real-time payments and the New Payments Platform.

  • 26 February 2019

    How many times have you waited for a payment to go through? Whether sending or receiving money, the days in limbo where your current balance and available balance don’t match are frustrating for everyone involved. Well, the good news is that the New Payments Platform is making payments faster and easier than ever before and getting rid of the waiting period at the same time.

    Two female friends using a smartphone to transfer money while out for coffee..

    What is the New Payments Platform?

    The New Payments Platform allows banks, building societies and credit unions to make funds available in real-time. The platform streamlines the clearing and settlement of digital payments so you can transfer money to someone else’s account in just a few minutes. It’s backed by thirteen of Australia’s leading financial institutions including the Reserve Bank of Australia, Cuscal and the 'big four' banks.

    The even better news is that Health Professionals Bank is participating in the New Payments Platform. This will transform the way you pay friends, family and businesses as you’ll be able to make and receive payments in real-time using a BSB and account number, or a simple-to-remember PayID – like an email address, mobile number or ABN.

    PayID is designed to work seamlessly with the new ‘Osko by BPAY' service. With Osko, you’ll be able to make and receive payments faster than ever before.

    When can you make a real-time payment?

    You’re out with a friend for dinner but the restaurant doesn’t offer split bills. You offer to pay upfront and your friend suggests transferring their share to your bank account. With the New Payments Platform, instead of waiting days to receive your friend’s portion of the bill, the payment could appear in your account straight away.

    The same goes when it comes to making a payment. Whether it be paying the plumber or the window cleaner, the recipient could receive the payment in a matter of minutes.

    The bottom line is: real-time payments can be used any time you need to send or receive money. The New Payments Platform does away with the waiting time on transactions made on weekends, public holidays and after business hours—instead you can send and receive payments to or from accounts at participating financial institutions in real-time, 24 hours a day, 365 days a year.

    Is the New Payments Platform secure?

    When fraud happens in Australia it commonly occurs as the result of criminals illegally obtaining credit card details and purchasing things online or fraudsters obtaining personal details or money through sophisticated scams. With the New Payments Platform, no payment can go through without being authorised by the account holder – so remember to keep your passwords, access codes and any other security information secret and question any uninvited approaches requesting personal information or money.

    Australian banks have in place some of the world’s most sophisticated fraud detection technology and methods. In the lead-up to launching the New Payments Platform, additional fraud detection measures have been implemented.

    Key features of the New Payments Platform

    Fast

    Payments can be made in real-time.

    Convenient

    No waiting or delays. Available 24/7, 365 days a year.

    Secure

    Authorisation is needed by the account holder before the payment will go through.

    Flexible

    You'll be able to include more information when making a payment.

    For a system that’s had very little change in the past 15 years, the New Payments Platform is a progressive move that will make online payments faster, smarter and simpler.

    For more information visit our Payments section.

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