Faster and simpler payments from mid-2018

Heritage is working with other Australian banks to enable our customers to make faster and simpler payments via the industry-wide New Payments Platform (NPP) from mid-2018

NPP faster payments coming soon to Heritage

The New Payments Platform (NPP) Australia is the new payments infrastructure being introduced across the Australian financial industry that will make getting paid or paying someone a lot simpler and faster. 

No more waiting for up to several days for payments to be ‘cleared’ between banks. Soon you’ll be able to send and receive real-time payments between participating banks in near real-time, 24/7 by using a PayID.

We anticipate the ability to make NPP faster payments (known as Single Credit Transfers or Osko Payments) will be available to Heritage customers later in 2018.  We will notify you as soon as it available - stay tuned!

To make it easier to create your Heritage Bank PayID when we launch, ensure your mobile number and email address are up-to-date, and download the Heritage Mobile Banking App.

What's a PayID?

A PayID is a unique identifier - either your email address* or Australian mobile number*. This identifier can be linked to an eligible bank account and used to receive payments.
Instead of having to provide your BSB and account number to receive payments, you can register a PayID. You can link one or many PayIDs to one transaction account – which is ideal for joint accounts. 

PayID is an initiative of the NPP and will be offered by most Australian banks and financial institutions to their customers.

*Other financial institutions may offer other PayID types

It's fast and convenient

The new system makes payments possible in close to real time. When a customer makes a payment to a PayID, the funds will be received on average in under 60 seconds, 24 hours a day, 7 days a week.
Longer reference

Customers will be able to include a reference of up to 280 characters helping you to easily identify why you are receiving funds.

Financial institutions are working together to make sure the highest security and fraud prevention measures are in place.
BSB & account numbers will still exist

PayID is simply a new way to pay – it will not replace your BSB and Account number. You can still provide your BSB and account number to get paid by someone. But using a PayID will be simpler, often faster and is just as secure.
Want to learn more?