PayID on the new NPP system
The New Payments Platform (NPP) is a major industry initiative to develop a new payments infrastructure in Australia. The new infrastructure will allow Australian consumers, businesses and government to process faster, simpler, smarter payments. By sharing a PayID, you can send and receive funds in real time.
As part of NPP payments are now reported instantly to the received electronically to allow for automated reporting.
POLi and others have now already commenced moving over to NPP allowing the PayID system to be rolled out on the NPP platform for better integration and use.
As some banks now have left the original Poli payment option, POLi has now rolled out its own NPP option using the PayID network.
All Banks in Australia rolled out PayID as a way for consumers to send and receive payments already. The NPP system allows for integrations for reporting doing away with manual reconciliation against bank statements.
Your PayID is linked to your bank account. When you need to receive a payment, you can just share your PayID (your mobile number or email address).
PayID will help to make sure you're sending money to the right account, too. When you make a payment to a PayID, you'll see the name of the person who owns that PayID before you approve the payment. All you need to do is confirm it's the right person, and the money will be transferred almost instantly because PayID uses the New Payments Platform (NPP).
Payments are simple to process and safe.
- Client logs into online banking.
- Client selects to send a payment via PayID
- Client enters PayID
- Client enters the amount
- Client enters the reference number
- After clicking send or confirm funds are instantly sent and reported to the receiver.
For more information on PayID please contact your Australian Bank.
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