Just got an email from Ubank about fast payments. Just verified after transferring some money over. Though it only supports payments made through app and not on online banking. Looks this was a long awaited feature. What’s everyone’s thoughts on these one.
It isn’t Osko and don’t know what is SCT
Single Credit Transfer. From experience, basically we still transfer out using BSB / Acct # and not using PayID like phone number.
Most likely SCT. Definitely not Osko because my CBA recipient didn’t show/mention Osko like it normally would an Osko transaction.
How can you do it? I cant find this option.
A few days ago I wanted to make a fast payment from Ubank, but I couldnt, although I was supposed to, accrding to their website.
No separate option..you still use bsb and account to transfer money
It was automatic for me.
It’s the same as a regular transfer.
Though it only supports payments made through app and not on online banking.
I really hate this attitude that banks don't have to make their websites functional any more because they just expect people will be stupid enough to run locally on their phones whatever code they're fed by big institutions.
Unfortunately it is true that more people use apps than websites. Doesn't make it okay to render the primary digital platform impotent, however.
People by now have figured out how to block trackers on websites. I can only bet track you more on their mobile app.
To be honest, using an App is a bigger risk.
Internet Standards and Best Practices are well established, so there's very little chance that their IT department will stuff something up. Apps are a bit more complex, and less known, so missing out on something is much more likely to happen. The last thing any bank wants is a breach, wether that's just customer information, or worse.
Tracking someone should be the least of their worries, the top priority is security.
No security = No trust with the business = No business
PS: just read about Vastaamo, just wow
I didn’t get the news update but was surprised today’s transfer from UBank to CBA to be instant. They finally caught up.
Now if only get payID going next - perhaps too optimistic until 86400 acquisition finalised
NAB (owner of Ubank) recently acquired neobank 86 400, so most likely leveraged the tech to improve services to customers.
Source: https://www.afr.com/companies/financial-services/nab-scoops-…
I seriously doubt that it is related. NAB itself supports fast transfers, why would they need 86 400 to do the same in UBank?
You'd be surprised how difficult, costly and time-consuming it is to effectively deliver digital transformation in a large-scale org.
Just did a test transfer from St George to UBank, and its been a few hours, so I am assuming no 'instant' transfer will be happening for this.
And just did an app transfer from UBank to Rabobank with no instant transfer taking place.
Having only just signed up with UBank, it would appear the issue may be with them.
For now Fast Payment only works when sent using the mobile app.
Fast payments only for outbound transactions only.
Fast payments are no longer available in the app AFAICT. Only BSB + account payees can be set up. I guess this is due to the merge with 86400's system?
I did a BSB/Account number transfer from Ubank to Selfweath at 9:30pm today (Thursday before Good Friday). The money transferred immediately.
I have been using the app, but previously instant payments out and in. (It was my understanding that this was only with the app, and regular internet transfers would take longer.
I hope they have not disabled any features that used to work…..
Osko or SCT?