Understand the NPP
Before you get started with making Real-time payments, it’s worthwhile understanding why they are now possible.
Previously, transferring funds between accounts and between financial institutions could take some time.
For example, we’ve always made it possible for our customers to transfer funds between Greater Bank accounts online instantly.
On the other hand, no matter who you bank with, transferring funds between institutions could take between 1-3 business days. Hardly ideal when you’re just trying to fix up a mate for your share of lunch, or you’re a sole trader looking to get paid.
The New Payments Platform (NPP) is the infrastructure project which has made real-time payments between financial institutions possible. It’s the first time the Australian Banking Industry has joined forces on a project of this scale, and it’s completion means that if your bank is on board, you’ll be able to make and receive real-time payments.
The first product to be rolled out using NPP technology is Osko by BPAY®, and PayID®.
Is your bank on board with the NPP?
Want to know which banks are currently on board and able to send receive real-time payments via the NPP? Check out this comprehensive guide.
PayID® - what is it?
You may have heard the term PayID used in relation to real-time payments and not known what it all meant.
In order to further simplify payments, you can now assign a unique identifier to your accounts, so that you don’t have to remember your BSB and Account Number when providing details to someone who wishes to transfer you money.
Once a PayID is set up, you’ll be able to provide information like your mobile phone number, email address or ABN to anyone who wants to send you funds.
Set up a PayID in Online Banking
Want to set up your Pay ID and get started receiving real-time payments? It's just a few clicks away within Online Banking.
Set up a PayID
Setting up a PayID is easy and can be done in seconds within Greater bank’s Online Banking or Mobile App. Here’s how to create yours:
Step 1
Go to Services within Online Banking or our App and select PayID Management.
Step 2
Select the account for which you want to set up a PayID. Confirm your details are correct.
Step 3
Hit ‘confirm’ and that’s it – you’re done. To manage your PayID, just click on it within PayID Management.
Osko® - what is it?
Osko by BPAY® is the first payment service being offered on the New Payments Platform. From payments powerhouse, BPAY, the service allows real-time payments between financial institutions, either using a PayID, or a BSB & Account Number.
A completely new BPAY product, Osko does not attempt to replace any existing BPAY property. Rather, it’s designed to make peer-to-peer payments fast, simple and reliable. What’s more, Osko allows more data to be sent with payments (hello, emojis! 😁😁😁)
Making real-time payments
Osko payments using a PayID
To make an Osko payment using a PayID, simply:
Head to the Pay Anyone menu within Greater Bank’s Online Banking or App.
If you’re using a PayID for the first time, select add New Payee and a PayID Type (mobile number, email address, ABN) and enter the PayID information.
If you’re using a saved payee, simply select their details from your list of previously saved payees.
Enter the remaining details of your payment (amount, frequency, etc) and confirm – that’s it. Simple as!
Osko payments using a BSB & Acc Number
To make an Osko payment using a BSB and Account number, simply:
Head to the Pay Anyone menu within Greater Bank’s Online Banking or App.
If you’re paying a new payee, select add a New Payee and enter their BSB and Account number, as usual.
If you’re using a saved payee, simply select their details from your list of previously saved payees.
Enter the remaining details of your payment (amount, frequency, etc) and confirm – too easy, huh?
Got a question about real time payments?
We've got the answers - check out our Online Banking FAQs for all the information.
Any advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the product is suitable for you and your personal circumstances.
Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992, Australian Financial Services Licence/Australian credit licence 238273