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

    • Marty131 on 20/02/2018 - 09:51
      +1

      If it's any concern, it is possible to do a reverse lookup on your PayID to obtain your full name… Example: Within the ING banking app on my iPhone, when I add a new payee via PayID, their full name is resolved…

      So, if you don't want random people being able to obtain your name from your mobile phone number, I suggest an email address…

      • Jabba the Hutt on 21/02/2018 - 15:54

        Yeah, but then scotty could look up your real name via your e-mail address. Are you sure you want that? :)

        Seems what will effectively be a public reverse lookup database for phone numbers and e-mail addresses is being foisted onto customers without properly informing them of the privacy/convenience trade-off that's occurring. But at least PayID is separate and not required to benefit from instant transfers.

        • retiredfeline on 21/02/2018 - 16:01

          I have no problem letting myself know my own identity since I'm the only one who pays me, nobody else wants to. :) But seriously since my online login has a list of frequent payees by BSB and acct no, it's of marginal benefit to me, except the instant part.

        • Marty131 on 21/02/2018 - 19:34

          I don’t have a problem handing out my email address with my full name to individuals who will pay me.

          What I do have an issue with is effectively being included in a nationwide giant “reverse phone number lookup” system, which is what will happen if you use your phone number for PayID. puts on Tin foil hat

          You can try it out now - type in a random phone number and it will resolve with the (likely) owner’s full name, assuming they’ve signed up.

        • retiredfeline on 21/02/2018 - 19:55
          +1

          @Marty131: I have not used my phone number as a PayID because I reckon it's easier to hijack my mobile number than my email address. Gmail sends me real time notification if a login has been attempted with an unknown device with the option of killing the rogue session if that's what it turns out to be. As well as other measures. The protection against my number being ported away is flimsier. It's a pity that a mobile number is still necessary for 2FA.

  • LemonShapedRock on 21/02/2018 - 21:51

    Has anyone done one yet?

    • John Kimble on 22/02/2018 - 06:11

      More than 1

      • LemonShapedRock on 22/02/2018 - 06:41

        May seem like a silly question; I have PayId setup on my commbank account, do I need to set anything up from my NAB account to send to it?

        • John Kimble on 22/02/2018 - 06:53
          +1

          No, you just go to your NAB account and send to a new payee, but enter a phone number.

          That's the point, right? You can just say to your mate "hey (profanity), transfer me the $50 you owe me! You know my number!"

          I've not used NAB personally though, only CBA and ING.

        • LemonShapedRock on 22/02/2018 - 06:58

          @John Kimble: Ahh! Tested and confirmed, thanks!

  • bluesky on 01/03/2018 - 10:15

    CUA has rolled out the fast payment feature for customers to use, without having to register or use a PayID. Which is really nice. Hope the other banks will follow suit, and allow fast transfers, without needing any PayID or PayID registration.

    When choosing fast payment transfer, you can specify a PayID or a BSB/Account Number. So basically, any payee already set-up in the payee list is fine to use.

    If the BSB belongs to a bank that supports fast payment, it says "The money should be in the recipient`s account and available for use within one minute" Otherwise, it says "The financial institution that you are sending this money to is unable to process these payments instantly".

    I tried a transfer from CUA to ING account (one already in my address book), and sure enough funds arrived at destination account almost straightaway. If only more banks follow suit, then those of us who could not be bothered with PayIDs can still use and benefit from fast payments.

    • Jabba the Hutt on 01/03/2018 - 12:35
      +2

      Bank Australia and Teachers Mutual Bank are also tranferring funds instantly - using BSB and account number - to banks that have implemented the new system, but the reverse (e.g. NAB to Bank Australia, or ING to TM Bank) does not seem to be the case.

      • bluesky on 01/03/2018 - 17:53

        The smaller institutions (in this case credit unions/customer-owned banks) seem to be taking a lead on this. Now we hope the majors will follow suit very soon!

  • Chuppa on 07/03/2018 - 19:05

    Has anyone run into problems with transfers from ING to CBA? I tried to transfer money the other night and it kept failing. Called ING and they advised CBA were blocking transfers from ING on the new payments platform…

    • John Kimble on 08/03/2018 - 12:40

      Just did one now to test for you, worked fine. But it was under 1 dollar, not sure if that is a factor.

      • Chuppa on 08/03/2018 - 14:55

        Thanks! Hopefully it was just a temporary error.

  • No ONE on 28/03/2018 - 23:34

    Rabo Direct, Rams?

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