Right now it can take up to 3 business days for money to move from one bank account to another when you need to receive money or pay a friend, family member or a business.
Bank Australia is connecting to the New Payments Platform that will help make payments faster and easier in Australia.
Fast: You’ll be able to make payments in near real-time 24/7, with funds being available almost instantly to the payee.
Simple: You’ll be able to get paid or send money to someone without having to remember BSB or account details even if they bank with another bank.
You’ll also be able to include 280 characters of text with your payment
Secure: NPP payments are subject to the Bank Australia’s current real-time fraud screening and detection capabilities.
You’ll need to link a PayID to your eligible bank account.