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Real Time Payments

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Real time payments are here……
 
Make and receive instant payments thanks to the National payments platform (NPP).  Participating financial institutions will offer this service via their internet and mobile banking networks.
Osko by Bpay will enable this new service of real time payments.
 
You will require a PayID instead of BSB and account number.  A payID is created by either:
  • Mobile telephone number
  • Email address
  • ABN for a business
It just keeps things simple……..
 
Register now via internet or mobile banking at fccs.com.au 
 
  • Create a payID by selecting your mobile phone number or email
  • Link to you preferred account
  • FCCS will notify you when registration is complete
If you have any questions on Osko, PayID or the New Payments Platform please email us at info@fccs.com.au 
 
 
 
 
 
 
Q. What is the New Payments Platform?
 
The New Payments Platform is new infrastructure that will enable customers of different banks to make and receive real-time payments, 24 hours a day and seven days a week. The Platform’s data capabilities means it has the potential to do so much more than enable near real-time payments. As businesses continue to digitise their back offices and enable rich data services for consumers, delivered digitally, the Platform will enable services to be delivered in the way today’s consumers expect.
 
Q. What can the New Payments Platform do?
 
Four key features underpin the New Payments Platform:
  • Speed – the ability to make payments in real time, with close to immediate funds availability to the recipient
  • 24/7 availability – the ability to make and receive payments 24/7, outside normal banking hours
  • Data Enriched – the ability to send more complete remittance information with payments
  • Simple Addressing – a system called PayID that enables consumers to more easily address payments to any recipient using an identifier like a phone number, email address, ABN or an organisational identifier
 
Additional features will become available overtime with the development of new overlay services.
 
Q. When will the platform launch?
 
The Platform is already live and employees at the participating banks, building societies and credit unions are already sending payments to each other. Services will roll out to the public in early 2018.
 
Q. What financial institutions are involved in New Payments Platform?
 
We expect about 50 banks, credit unions and building societies – big and small – to be connected to the platform when is launches in early 2018, with more joining later in the year. As we get closer to the launch a list of participating financial institutions will be made available.
 
Q. Who is building the New Payments Platform?
 
NPP Australia Limited (NPPA) was formed in December 2014 to oversee the build and operation of the NPP. The company is owned by the 13 financial institutions participating in the NPP. The Board comprises representatives from the participating institutions, with an independent chair Paul Lahiff. Adrian Lovney is the inaugural CEO of NPP Australia.
 
In December 2014, NPPA signed a 12-year contract with SWIFT to design, build and operate the basic infrastructure. SWIFT was appointed the successful vendor by the NPP Program following a highly competitive global tender process.
 
The RBA’s Fast Settlement Service (FSS) will be a new service of the Reserve Bank Information and Transfer System (RITS) (governed by the RITS Regulations and Conditions of Operation) supporting settlement of payments from the NPP. The FSS will provide line by line settlement of individual Settlement Requests received via the BI and provide very fast settlement processing on a 24/7 basis.
 
In October 2015, NPPA reached agreement with Australia’s premier bill payment system provider – BPAY – to deliver the first overlay service to use the NPP. Osko by BPAY will represent an innovative, compelling proposition for customers to participate in the NPP once it is launched.
 
The NPP Steering Committee appointed KPMG to act as the Program Management Service Organisation (PMSO) in 2013 to ensure a well-resourced, efficiently planned, highly collaborative industry Program.
 
Q. What will customers be able to do?
 
The NPP infrastructure will enable consumers, businesses and government to make faster, simpler smarter payments.
 
Initially customers will be able to use Osko, delivered by BPAY, to harness the benefits of the NPP. It will be a convenient and accessible service for consumers to send payments from an account at their financial institution, 24/7/365, to payees using a PayID. Osko will provide fast availability of funds, rich data and confidence in delivery.
 
The customer experiences the NPP can bring to life will only expand and improve over time as other Overlay Services join the platform.
 
Q. Will the New Payments Platform enable customers to switch bank accounts?
 
Customers who create a PayID will be able to switch payments between accounts more easily. While the New Payments Platform has not been designed to support account switching, it does empower consumers to redirect payments via their PayID to other accounts through a simple and safe process.
 
Q. What is an Overlay Service?
 
An overlay service is a product or service that uses parts of the Basic Infrastructure to provide tailored payment experiences between the customers of Participants. They could be offered either by connected Participants or via partnerships with other organisations to enable access to the New Payments Platform.
 
Q. What kind of products and services could be offered as an ‘overlay service’?
 
The possibilities are endless really. Speed will be a key differentiator, as will the convenience offered by the addressing service and the data that can be transmitted along with payment. It’s likely that the transmission of data along with payments will mean that a key focus will be on business applications, as well as the opportunities in industry verticals, such as funds management, in and around the stock exchange, or in the insurance and superannuation industry. The NPP presents an opportunity to help solve some of common pain points such as efficiency, improved customer service and reducing costs.
 
Q. How much will the New Payments Platform cost consumers?
 
Pricing for transactions on the New Payments Platform will be determined by the participating financial institutions. But it’s in everyone’s interest to have a Platform that supports many transactions, so pricing is not expected to be a major issue.
 
Q. How much will the New Payments Platform cost Participants?
 
NPP Australia fee charges and componentry costs are available to prospective Participants and Overlay Service Providers on request (under NDA), but as a guiding principle NPP Australia expects the NPP infrastructure to be economically self-sustaining (not profit-maximising).
 

Osko by BPay will provide real time payments via the internet and mobile banking, 24/7 every day of the year!  Over 55 financial institutions will be offering Osko with additional financial institutions coming on Board.  For more information please visit www.osko.com.au 

 

Q. How will Osko work with my bank?
 
Over 55 financial institutions will be offering Osko over the coming months, including the Big 4 banks. You don’t have to do anything in the meantime – just stay tuned to find out when Osko will be available to you.
 
Q. Are faster payments safe?
 
The New Payments Platform uses world leading technology certified to the highest data security standards and monitored 24 hours a day, seven days a week. All payments made on the platform are also subject to participating financial institutions’ own real-time fraud screening and detection capabilities. As always, consumers should remain alert to the possibility of cons and scams particularly if they receive unexpected requests via social media, emails or SMS for urgent payments or account information. 
 
Bpay® and Osko® are registered trademarks of Bpay Pty Ltd ABN 69 079 137 518
 

A PayID is something easy to remember — like your mobile phone number [or email address] — that you register with FCCS and we link to your account. Then when someone needs to pay you, you simply give them your PayID instead of your BSB and account number. PayID is designed to work seamlessly with the new Osko by BPAY service. You’ll be able to make and receive payments faster than ever before, 24/7 via your Internet banking or mobile banking app.  For more information please visit www.payid.com.au

 
A PayID is something easy to remember, like a phone number, email address or an ABN, that you can securely link to your bank, credit union or building society account. Then when you want somebody to transfer funds into your account, you can give them your PayID instead of your BSB and account number. Click here to find out more about PayID.
 
The New Payments Platform is new infrastructure being built by Australian banks that will enable customers of different banks to make and receive near real-time payments, 24 hours a day and seven days a week. PayID is a key part of this Platform. You can read more about the New Payments Platform here: www.nppa.com.au
 
When will PayID be available? 
 
PayID will roll-out from early 2018. Your bank, credit union or building society will contact you to let you know when you can create a PayID in your usual online or mobile banking. Remember that banks, building societies and credit unions will never ask you to provide personal information via emails or text messages, so be wary of any requests that seem to be doing this. You should only provide the information required to create a PayID within your usual online or mobile banking app. 
 
How does it work? 
 
Once it’s available, your bank, building society or credit union will contact you to let you know you can create a PayID within your usual online or mobile banking. Once you’ve followed the steps within your usual online or mobile banking to create your PayID, they will then link that to your bank account so it acts like a ‘pointer’ to your account. Then when someone wants to pay you, just give them your PayID. If that person banks with an institution that doesn’t offer PayID yet, they can still pay you using your BSB and account number. 
 
Who will support PayID? 
 
We expect more than 60-70 banks, credit unions and building societies will offer PayID to their customers in early 2018, with more joining later in the year. As we get closer to the launch of PayID a full list of the participating financial institutions will be made available here. Your bank, credit union or building society will get in touch with you via their official customer channels when it’s time to register your PayID within your usual online or mobile banking.
 
When can I start to use PayID? 
 
Once PayID becomes available, your bank, credit union or building society will contact you letting you know that you can create a PayID within your usual online or mobile banking. Once it’s set up you can start giving your PayID to people who need to pay you. As PayID rolls-out, there may be some people who won’t be able to pay your PayID for a short period of time. The person paying you may need to check with their financial institution if they can pay your PayID, but if they can’t, they can still use your BSB and account number. 
 
Creating and receiving payments to your PayID:
 
What types of PayID can I create? 
 
The PayID types available to you depends on who you bank with, but typically a PayID can be a phone number (which may include landline, mobile and international numbers), an email address, an Australian Business Number (ABN), an Australian Company Number (ACN), an Australian Registered Body Number (ARBN), and an Australian Registered Scheme Number (ARSN). If a financial institution does not support all PayID types, customers can still make and receive payments using a BSB and account number. When PayID becomes available early next year, your participating bank, credit union or building society will be able to tell you the PayID types available to you. 
 
How many accounts can I link my PayID to? 
 
A PayID can only be linked to one account at any given time. 
 
How many PayIDs can I create? 
 
You can create as many PayIDs you like, as long as you can prove to your bank, credit union or building society that you are the rightful owner of the information (such as the phone number or email address) you’d like to use as your PayID. 
 
Can I have multiple PayIDs with different financial institutions? 
 
Yes. You can link different PayIDs to different accounts at different financial institutions. You will need to check with those financial institutions which PayID types they support. 
 
Can I have multiple PayIDs linked to the same account number? 
 
Yes, multiple PayID types can be linked to the same account. For example you could link an email PayID and a phone number PayID to the same account. 
 
Where can I use my PayID? 
 
Once your PayID has been created you can give it to people or companies that need to pay you. As the PayID service rolls out, the person paying you will need to check with their financial institution if they can pay your PayID yet. If they can’t, they can still use your BSB and account number. 
 
Can my financial institution create my PayID without telling me? 
 
No. Your financial institution must ensure they have your permission to create a PayID on your behalf.   
 
Paying someone else’s PayID:
 
What types of PayIDs will I be able to pay to? 
 
The PayID types you can pay in your usual online and mobile banking depends on who you bank with. As the PayID service rolls out, most Australian financial institutions will enable payments to be made to phone number PayIDs. Others will enable payments to be made to more types of PayIDs, such as an email address or an ABN. Over time we expect the types of PayIDs you can pay to will increase. 
 
Moving, changing or cancelling a PayID:
 
If I want to change banks, what do I do with my PayID? 
 
You can transfer your PayID to another account at a different bank, building society or credit union. 
 
What happens if I need to change my PayID? 
 
You will be required to close any PayIDs you no longer have the authority to use and create a new PayID with your new details. Your financial institution will be able to help you do this. 
Safety and security:
 
Are PayID payments secure? 
 
PayID payments can only be made from online and mobile banking of participating banks, credit unions and building societies. This means the same very high level of security that protects your existing bank accounts payments will also protect your PayID payments. 
 
Will my PayID information be safe? 
 
Once PayID becomes available, your bank, credit union or building society will contact you letting you know that you are able to create a PayID in your usual online or mobile banking. Remember that banks, building societies and credit unions will never ask you to provide personal information via emails or text messages, so be wary of any requests that seem to be doing this. You should only provide the information required to create a PayID within your usual online or mobile banking. From here your PayID information will be stored, in a secure, encrypted data repository. 
 
Is it safe to share my PayID with anyone? 
 
When you give a person your PayID, they cannot use it to withdraw money from your account. When they use it in their own participating online or mobile banking to pay you, the only information they will see is the name you have provided to describe that PayID, such as your own name or the name of your business. A PayID on its own cannot be used to create a false identity.
 
If someone knows my PayID, can they access my bank account or personal details? 
 
When a person uses your PayID to pay you, the only information they will see is the name you have provided to describe that PayID, such as your own name or the name of your business. A person with your PayID cannot access your bank account or personal information linked to your account. 
 
Can someone else set up a PayID using my personal details? 
 
Registering a PayID requires a number of identification and verification steps to prove you are the rightful owner of the information you wish to use for the PayID, as well as the account you will be linking that PayID too. So unless a person has these details, it will be hard for them to create a PayID using your personal details. 
 
Can a person link my PayID to their account? 
 
A PayID can be linked to one account only. Moving a PayID from one account to another requires a number of identification and verification steps to prove that you are the rightful owner of that PayID, as well as the account you wish to move the PayID to. So unless a person has these details, it will be hard for them to link your PayID to their account.? 
BSBs and account numbers:
 
Does PayID replace BSBs and account numbers? 
 
No, PayID does not replace BSBs and account numbers. Rather, a PayID will act like a ‘pointer’ to your BSB and account so you no longer have to remember them. But you can still pay to a person’s BSB and account number if that is what you prefer. 
 
Will BSBs and account numbers disappear? 
 
PayID has not been developed to replace BSBs and account numbers all together. There are no plans to remove BSBs and account numbers from Australia’s banking system. 
 

 

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