Instant Bank to Bank Transfers Coming Jan 26th. Is Your Bank Ready? (PayID/New Payments Platform)

jimbobaus on 04/12/2017 - 02:29
Last edited 18/01/2018 - 01:40 by 2 other users

As most of you know from January 26th 2018 banks will let you transfer to others instantly (within 60 seconds)
Not all banks are involved and I wanted to try and compile a list of "official positions"
I have spent the past month or so contacting banks via email, social media etc and below is the list I have so far.
I will add to it if anything changes.

Banks that are listed as NO have advised they are not part of the initial roll out which means sending or receiving money from these banks will be like the old system with standard processing times.

Banks listed as YES will have enabled the new PayID systems which allows for instant transfers.

The company responsible for implementing the system advised me that when you enter your PayID the system knows which bank you are with, you will not be able to register for a PayID until you bank launches the system (you register through your own banks Internet banking system)

YES

(will be available to send/receive at launch on 26/1):

  • ANZ
  • Bank Australia
  • Bank of Melbourne
  • Bank of Queensland
  • Bank SA
  • Bankwest
  • Bendigo Bank
  • CBA
  • CUA
  • ING
  • NAB
  • St George Bank
  • Teachers Mutual Bank
  • Unity Bank
  • Westpac

NO

(will not be available at launch but will most likely implement later):

  • AMP Banking
  • Australian Military Bank
  • Citibank
  • HSBC
  • IMB
  • ME Bank
  • Peoples Choice Credit Union
  • UBank
  • Vic Teachers Credit Union

MAYBE

Will not confirm or deny:

  • Suncorp Bank

I will update list as I get more replies but thought I would share with everyone as I had obtained a pretty extensive list so far.

Financial

Related Stores

nppa.com.au
nppa.com.au

Comments

  • Reveen on 04/12/2017 - 03:34
    +4

    Bankworld - about ****ing time!

    Thanks for compiling the list.

    • naritas on 04/12/2017 - 12:35
      +3

      Ah Bankworld - an all time classic for being so spot on ;) hahaha

  • jimbobaus on 04/12/2017 - 04:03
    +8

    I love that this was revised to be in Alphabetical order :) Thank you SpackBase :)
    my list was from the doc I was using which was based on the order I got replies.

    • spackbace on 04/12/2017 - 11:13
      +1

      No worries, I was bored :)

  • bluesky on 04/12/2017 - 04:34
    +2

    Thanks for the list - very handy. Would be interesting to see if Macquarie falls into the yes or no camp.

    • Peck on 05/12/2017 - 17:30
      +1

      Macquarie? Very Camp!

      • bluesky on 06/12/2017 - 03:38

        :-)

    • E5TOQUE on 06/12/2017 - 12:10
      +1

      Confirmed from Macquarie that they will be doing it later in 2018.

  • DiceySlicey on 04/12/2017 - 05:21
    +7

    Finally getting money from friends after a night out will be much easier with this 60 seconds transfers.

    • Slippery Fish on 04/12/2017 - 14:53
      +6

      Bank is 60 seconds, friends giving the cash back 4 months -.-

      • [Deactivated] on 05/12/2017 - 18:09

        You need new friends if that's the case.

  • HardQuiz on 04/12/2017 - 06:22

    Say I register with ANZ, so my PayID (sleepy100) will be tied to that specific ANZ account. But few months later I closed the account, what happens next ?

    Do I keep changing my PayID (sleepy200) to my new bank accounts ? Or I can retain the same original PayID (sleepy100) but money goes to the new bank ?

    • pangwen on 04/12/2017 - 07:26

      Firstly, I realise that your PayID is intended to be an example only - just wanted to point out that you are unlikely to be able to have a PayID of "sleepy100" or "sleepy200". The documentation I've read indicates that your PayID needs to be an email address (e.g. "[email protected]"), or a phone number, ABN, ACN, ARBN or ARSN.

      Second, the idea with PayIDs is that in your situation, you could do either. You could abandon your original PayID, and create a new PayID for your new accounts and tell everyone your new PayID. However, that's the "old way of thinking". One of the key benefits of the new system is that you can keep your original PayID, but link it to your new account (note: you have to do this linking yourself by talking with your new bank - they are unlikely to do this automatically). People paying you keep using your original PayID and will have no idea that you changed banks.

  • EightImmortals on 04/12/2017 - 07:12

    So what's the tech behind this change? Ripple or some other crypto?

    • donga100 on 04/12/2017 - 08:22
      +1

      Nothing to do with blockchain or crypto currencies. It's part of the NPP (New Payments Platform). You can read the tech details here.

    • Shadowsfury on 04/12/2017 - 08:22

      Look up New Payments Platform if you want to learn more

      • EightImmortals on 04/12/2017 - 10:07

        OK cheers. I wasn't sure why, if they have always had this ability they haven't applied it until now. :)

        • movieman on 04/12/2017 - 16:42

          Because the banks could hold onto the money, earn interest, etc during the 'transfer stage'.

          Now it's a more level playing field.

  • Lovemeabargain on 04/12/2017 - 09:02

    Been reading up about it, and the last article I saw indicated it would launch "after Australia Day" rather than "ON Australia day"

    Quote from the article: Banks would start rolling out real-time payments to their millions of customers soon after Australia Day, he said, denying the project was being held up by straggler banks.

    http://www.smh.com.au/business/banking-and-finance/realtime-…

    • jimbobaus on 04/12/2017 - 12:44

      I have seen that but the email I got back indicated 26/1 is a go

      • FirstWizard on 01/02/2018 - 12:01
        +1

        seems it's "after Australia Day" after all. Haven't seen any updates from any of the banks I'm with!

  • djones145 on 04/12/2017 - 09:17

    Cba pretty much have it now, I get transfers from cba close to instant ( my bank is nab)

    • kipps on 04/12/2017 - 12:49

      I also seem to get payments from Westpac to NAB very quickly already.

  • AlienC on 04/12/2017 - 09:47

    Awesome what's the average time atm for chronological archivings sake?

    • HighAndDry on 04/12/2017 - 18:15

      2-3 business days.

      I wonder if this is just "it shows up in your account" or if it means the transferred money is available in cleared funds.

  • mbck on 04/12/2017 - 09:54
    +3

    Thanks for the hard work. Much appreciated

    • DamonT on 04/12/2017 - 09:59

      seconded

  • NitroNinja on 04/12/2017 - 10:08

    Its about time

  • scrambledeggs on 04/12/2017 - 10:14

    Teachers Mutual Bank - Yes

  • brokeunistudent on 04/12/2017 - 10:25
    +1

    Macquarie Bank?

    • jimbobaus on 04/12/2017 - 11:40

      They are yet to reply.

    • E5TOQUE on 05/12/2017 - 17:29

      Ill also Facebook message Macquarie and ask. Their online banking setup is awesome.

    • E5TOQUE on 06/12/2017 - 12:10

      Confirmed they are doing it later in 2018

  • dcep on 04/12/2017 - 12:43

    free of charge ?

    • jimbobaus on 04/12/2017 - 12:44

      Will be a free service.

  • Orgazmo on 04/12/2017 - 13:50
    +2

    Meanwhile in the US, some banks still send a check in the mail when you request a transfer online…

  • SBOB on 04/12/2017 - 20:53

    uBank…always disappointing me

    • rickb on 05/12/2017 - 01:55
      +1

      Disappointing as they are 100% owned by NAB

    • E5TOQUE on 05/12/2017 - 17:29

      Such a shame with UBank… :-(

  • BloodyOath on 22/01/2018 - 11:47
    +2

    Citibank website says "roll out due to commence from the second half of 2018".

    https://www.citibank.com.au/aus/banking/new-payment-platform…

    • dbui8743 on 01/02/2018 - 00:09
      +4

      Just out of curiousity, why would you be afraid of cash coming into your account?

    • Neoika on 15/02/2018 - 20:22

      Do I need a PayID?

      PayID registration is optional. You can make payments to a PayID without having a PayID yourself. If you register for a PayID, the payment process is easier and you can receive payments faster.

      If you have such concern,don't register it then.You can pay others in this way.Simple as that.

  • oringal on 28/01/2018 - 13:57
    +5

    So… anyone hear any updates about this system??? Has it been delayed?

    • jimbobaus on 13/02/2018 - 11:18
      +1

      This has begun rolling out today (was delayed due to some testing issues)

      confirmed as of today 13/2
      CBA
      ING
      Wetspac (Not St George or Bank of Melb)
      NAB
      Lots of smaller banks.

      ANZ has advised still testing at this stage.

  • moneytalks on 06/02/2018 - 15:48
    +1

    I would not hold your breath on this one first it was end of 2016 then October 2017 then Australia Day 2018 now February perhaps. It just goes on and on I expect the banks to drag their heels quite a bit further on this one interesting as the UK has had this type of system in place since 2008.

  • moneytalks on 06/02/2018 - 17:28
    +2

    Also one expects countries like Singapore and Switzerland to have instant transfers as they do but that even places like Mexico and Chile in South America not to mention China and Poland have had an instant transfer system already in place for awhile.

    • sathz666 on 06/02/2018 - 17:31

      lol.exactly….its slow motion here….clowns

  • LemonShapedRock on 09/02/2018 - 16:05
    +1

    FYI; I just registered for this via the CommBank app.

    Seems to be happening now? I’ve been advised that my registration will be complete in a few days

    • FirstWizard on 09/02/2018 - 22:55
      +1

      Same here. CommBank only lets me use my mobile number, not the e-mail address.
      I don't want anyone with my number to know my name.

    • jimbobaus on 13/02/2018 - 11:12

      Hey, I spoke with CBA customer service today and yes you are correct you can only use your MOBILE PHONE number as a PAYiD with them at this stage. The lady i spoke to advised me that they have gotten feedback and have "taken it on board"

      I registered my PAYiD with ING today and was given the option of using email or mobile so maybe its a CBA thing

  • bigbadboogieman on 09/02/2018 - 21:11
    +1

    Got email from ING asking to register for PayID.

  • oringal on 13/02/2018 - 10:53

    Looks like its starting to get rolled out. http://www.smh.com.au/business/banking-and-finance/bank-tran…

  • jimbobaus on 13/02/2018 - 11:16
    +1

    so.. it appears to have begun rolling out today

    CBA: Mobile number only
    ING: Email or Mobile
    NAB: Email or Mobile
    Westpac: Mobile number only , ABN/ACN only for business accounts
    *note as of 13/2/18 only westpac branded banks are launching, St George and Bank of Melbourne are "coming soon"

    ANZ: Still testing technology

  • retiredfeline on 14/02/2018 - 12:28

    Just registered with ING.

  • bumblebeetuna on 14/02/2018 - 17:10

    According to BankSA;

    "Westpac will undertake a progressive roll-out that will flow to our other segments and brands St.George, BankSA and Bank of Melbourne later this year."

  • LemonShapedRock on 14/02/2018 - 20:47

    Has anyone tested this thing out yet?

    I’m happy to offer myself as a test subject :)

    • jimbobaus on 17/02/2018 - 08:33
      +3

      I have sent money from my CBA to ING
      Money was in ING in 3 minutes.

      Also I tried using the bsb and acc as well (2nd transfer) also took about 3 minutes

      Evidently if an account has a payid registered and u use bsb and acc it’s also instant*

      • Neoika on 17/02/2018 - 10:07

        That's really good if it can be confirmed by more people.So you do not need to reveal your email/phone numbers(PayID) to get instant transfer into your account.

      • John Kimble on 20/02/2018 - 09:16

        Tried the exact same tests as you and the 2nd transfer was not also instant. Which makes sense to me…not sure how it was for you.

  • Marty131 on 15/02/2018 - 09:02

    I have an account with Bank A and an account with Bank B. I'm guessing I could only use my mobile number for one of the PayIDs? Or could I use my mobile number for both? (Uniqueness only required per financial institution?)

    I.e., To make a payment, do you send it to BankA.PayID, or simply PayID?

    • retiredfeline on 15/02/2018 - 09:38

      Simply PayID since the destination institution is specified elsewhere in the instructions.

      You can use whichever of email or mobile number that the institution will allow you. You can reuse the ID for other institutions.

    • littlepcat on 15/02/2018 - 09:47
      +1

      That was my question, too.

      I think you only can have one payID registered with your mobile number.

      I used my mobile number for both ING and CBA (stupid me), and a few days later I received an email from CBA stating "Your PayID 04xxxxxxxx was unable to be registered."

      Now I have to find out if my mobile number is used for my payID with ING ( cannot see it anywhere in their APP ) and how to delete it.

      =====edited =======
      Just saw Greenpossum's reply above, I'll call CBA to find out what's going on with my payID.

      ===== edited ======
      Just called CBA. You only can register your mobile number as your payID for one account/bank only.

      • retiredfeline on 15/02/2018 - 10:28

        You only can register your mobile number as your payID for one account/bank only.

        Which makes sense, the bank needs to know which account it is linked to. But you can reuse the mobile number with other banks. System wouldn't be much use if you couldn't do that.

        • Marty131 on 15/02/2018 - 10:58

          Seems littlepcat's 2nd edit and greenpossum's info are conflicting?

          littlepcat

          ===== edited ======
          Just called CBA. You only can register your mobile number as your payID for one account/bank only.

          greenpossum

          But you can reuse the mobile number with other banks. wouldn't be much use if you couldn't do that.

          Has anyone actually made a payment to payID yet? Is it (A) Select payee's financial institution AND payee's PayID, or just (B) payee's PayID?

          I'm guessing it's option B - same as what littlepcat has found out…

        • retiredfeline on 15/02/2018 - 11:07
          +1

          @Marty131: Hmm, maybe it is supposed to be unique across banks after all. That's not very friendly, people with lots of accounts would have to get lots of email addresses and/or mobile numbers. I can't test this until another bank lets me register. If you have a gmail address, I suppose you could put dots in the username to make them different.

        • Marty131 on 15/02/2018 - 11:25
          +1

          @greenpossum: I think it makes more sense that PayID is always unique. You're exactly right with the idea of multiple email addresses. I guess we'll have to wait and see.

        • retiredfeline on 15/02/2018 - 11:44
          +2

          @Marty131: Another way would be to use +suffix in the gmail address, e.g. [email protected] which also makes it handy to set up filters if you are inclined.

        • retiredfeline on 15/02/2018 - 23:29

          @greenpossum: And I'm finding that another bank's software doesn't think +suffix is legal in email addresses. However I can add a dot to the name part.

        • Marty131 on 16/02/2018 - 07:37

          @greenpossum: yeah I find most websites (not just banks) don’t like the “+” character in email addresses when signing up.

        • retiredfeline on 16/02/2018 - 18:18

          @Marty131: Looks like ING doesn't like the + trick either. Had to use the . trick.

        • John Kimble on 20/02/2018 - 08:53

          @greenpossum: So if the + doesn't work and you have any more than 5 bank accounts, you might have trouble remembering which account is linked to which email address PayID because you're just using the same email address with a . in > 5 random places?

        • John Kimble on 20/02/2018 - 08:58

          @Marty131: Yes, B

        • Marty131 on 20/02/2018 - 09:47
          +2

          @John Kimble: Either that, or create some new Gmail addresses; [email protected], and set auto-forwarding to your main address?

          If you have more than 5 bank accounts, any method is going to be complicated :)

        • retiredfeline on 20/02/2018 - 09:53

          @John Kimble: Well if your memory isn't good enough, then use a password manager app for this. Where do you come up with 5? I'm thinking only 2 or 3 for quick transfer, especially when travelling. Just waiting for Citi to implement PayID.

        • John Kimble on 20/02/2018 - 10:06

          @greenpossum: I just picked 5 randomly TBH. I was speaking generally, not targeting you.

          You previously said "That's not very friendly, people with lots of accounts would have to get lots of email addresses and/or mobile numbers."

          More than 5 sounds like lots to me haha

        • retiredfeline on 20/02/2018 - 10:09

          @John Kimble: Well for people like me who program, the code should either cater for 1 or for many, not break at some arbitrary small number. So I'm not ruling out using it for more than 2 or 3 accounts in future. :)

  • moneytalks on 15/02/2018 - 11:47
    -2

    I made a transfer yesterday from my commonwealth account to the NAB still took six hours, evidently instant transfer still takes affect even without a Pay ID.

    • jimbobaus on 17/02/2018 - 08:30

      The terms state that first time transfers (as in first time sending to a payid) may be “held for up to 8 hours” for verification.

      CBA I know used to delay first time transfers for 24 hours under tha old system just “in case”

    • John Kimble on 20/02/2018 - 08:56

      How much was it?

  • audz on 15/02/2018 - 16:58
    +1

    The PayID is unique which means you don't need to tell the sender your bank or bsb…etc. Just a mobile number or email address (which you have registered with PayID). I suggest setting up an independent email address specifically for this purpose. You may or may not want the sender to have your personal email add or mobile number. Just my 2 cents.

    There's a website for more info.
    https://payid.com.au/

    If you scroll down to the "Which banks offer PayID?" section and click on the link for "a full list of participating financial institutions", it will take you to the below link:
    https://www.nppa.com.au/consumers/find-my-institution/
    (New Payments Platform)

    You can search for your financial institution by clicking on the first alphabet it starts with.

    • Neoika on 15/02/2018 - 19:57
      +1

      For ING,you can not use an email other than the registered one.It does not allow you to edit email address at all.I guess it is same with other banks.

      • retiredfeline on 15/02/2018 - 22:49

        I'm finding that now that I've linked my registered address, I can't change my registered address, the change doesn't take, don't know if it's to do with the PayID lihk. Their implementation seems to be incomplete, you can create a PayID but I don't see a way of deleting it. I'm querying ING about this.

        • audz on 15/02/2018 - 23:06

          Bummer….
          Hopeful just teething issues…
          Would be good if you can use a random email and not just your registered email….

        • Neoika on 15/02/2018 - 23:24

          For security reasons,I agree it should be like this.Maybe the PayID deletion is not implemented yet.

        • retiredfeline on 15/02/2018 - 23:31

          @Neoika: Well I think I should be able to do this:

          Unlink my PayID
          Change my registered email address with ING (through the appropriate protocol, currently it at least requires a code sent by SMS)
          Reestablish my PayID

          I'm not looking to change PayIDs willy nilly. I just want to have different ones without having to create lots of mailboxes.

        • retiredfeline on 16/02/2018 - 18:17

          @greenpossum: Ok, ING messaged me back confirming that the PayID uniquely identifies a bank+account. It looks like the update to my email address didn't take because I used the + trick. So I had to use the . trick instead. Relinked my PayID to the account and that seems to have gone through.

  • FiDad on 19/02/2018 - 17:47
    Merged from NPP-Pay id.Better to use Mobile or email id?

    So NPP is almost here and ING sent me an email other week to create my own Pay ID. ING is giving me a choice to use either email or my mobile number as Pay id and it got me thinking which one would be safer/better option. I am thinking email would be safer option as I got 2FA enabled on it but Mobile would be a better option as I heard some banks are only going to allow mobile option and it probably best to keep it same as I got few different bank accounts which I sometimes move around funds for chasing high interest rates or some other deal. Am i just overthinking this and should go with either option?

    P.S- Here is a little more info regarding PayID if you are not sure what it is.

    • John Kimble on 19/02/2018 - 17:54
      +1

      I would assume mobile is more secure than email (all things being equal).

      I have mobile number with CBA and email with ING.

      You know you can only link one PayID to one bank account, right?

      If you have multiple accounts you will need a unique PayID per bank account.

      • FiDad on 20/02/2018 - 13:46

        You know you can only link one PayID to one bank account, right?

        Did not know this. Thanks for letting me know, this makes my decision a lot easier as my ING is linked to one of my less frequently used email.

        • John Kimble on 20/02/2018 - 13:52
          +1

          Yep, see this and the replies.

          https://www.ozbargain.com.au/comment/5641925/redir

          In simplistic terms, it is just a big database that says this PayID = this bank account. Each bank would just hook into it. Previously you would have to enter account name, bsb and account number.

          Logically if you linked two or more different bank accounts to the one PayID, the system has no way to determine which bank account you want it to go to. It has to be 1 to 1. You would hope the system would prevent you from registering it multiple times or overwrite the existing record.

          Obviously there was/is a lot of development work for all the banks etc to integrate and secure it though.

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