NPP and PayID

Forget your BSB and account number. PayID is available to Sydney Mutual Bank members

Sydney Mutual Bank members can set up a Pay ID and send and receive payments in real time, 24/7 through the fast payments service New Payments Platform (NPP) brought to you by Osko by BPAY™, the first product to leverage the capabilities of the NPP.

The NPP is the payments infrastructure that enables Australian consumers, businesses and government agencies to make real-time, data-rich payments between accounts at participating financial institutions. It supports real-time clearing and settlement for simple or complex payment solutions. The NPP can simplify payments through its Addressing Service, called PayID. It can also support more information sent with payments, such as written text or links to externally hosted documents.

Here are the main benefits of the NPP by Osko:

Fast. Payments that are made in real-time.
Convenient: Available 24/7, which means you can transfer money any time, day or night.
Transparent. You will be able to include up to 280 characters with each payment to explain what it's for, rather than be constrained by the current limit of 55 characters. You can also use Emoticons.
Simple. Register an easy to remember PayID (with your mobile phone number or email address) to send payments, rather than a BSB and Account Number making it easier to remember.
Secure. You have to approve each payment before it can go through, giving you more security and control over your payments.

What is Osko by BPAY?

NPP is the new payment platform that enables real-time payments across different financial institutions in Australia. Osko by BPAY is the first ‘overlay service’ for NPP that enables transfers to be sent and received instantly. You don't actually have to do anything different to use it. It's been built right into your existing Internet Banking and Sydney Mutual Bank Mobile App transfers.

What is a PayID?

It’s a smart address for payments, something easy to remember like a mobile phone, email address, ABN or company name that you can securely link to a bank account. While the PayID can only link to one bank account at a time, accounts can have more than one PayID. If you have a PayID set up on your account, you won't need to hand over your BSB and account number to get paid, now that's easy.

How do I register my PayID?

If you want to receive money easily via a mobile number, email address, ABN or company name, you'll need to register for a PayID.

To register your PayID, simply log in to Internet Banking and navigate to the PayID registration section in the main menu under My Preferences / Manage PayID and follow the prompts from there. You will be asked to select a mobile number or an email address available in your Internet Banking as your PayID.

Please ensure you have the most up-to-date contact details on file in your Internet Banking account. You can do this by logging on to your Internet Banking, selecting 'My Preferences' and 'Update Contact Details'. Alternatively you can call our Member Contact Centre on 13 61 91 and we will change the details for you.

How do I start using NPP and send faster payments?

To send a payment just log into your existing Mobile Banking App or Internet Banking platform and follow these instructions:

Mobile Banking App

Select ‘Pay Someone’
Click on one of the four options (Account, Phone, Email, Business) Please note that ‘Account’ option requires BSB and Account number and ‘Phone/Email/Business’ are the PayID options
Enter the recipients PayID details and click on the 'next' button to verify that PayID. If that PayID exists you will be directed to complete the payment options. It's that simple. IMPORTANT: If you'd like to store those PayID details for future use, you need to tick the 'SAVE to my payee list' option before submitting the payment.

Internet Banking Platform

Select ‘Accounts’ then ‘Transfer Money’
Select which account you’d like to transfer from
Click on the 'New Personal Payee' button and enter the recipients PayID details. If that PayID exists you will be able to add the payment options. IMPORTANT: If you'd like to store those PayID details for future use, you need to add details to the 'Nickname to save as for future use' details.

Want to know more about Osko or PayID?

Visit osko.com.au or payid.com.au

FAQs

To view the NPP Australia’s Frequently Asked Questions page please click here.