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.
Secure

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?
FAQs

The New Payments Platform (NPP) is the centralised infrastructure platform that enables  faster payments between customers of participating Australian financial institutions.  
The NPP will enable you to make a faster payment to anyone whose financial institution is a participant and who has an eligible account.
We anticipate the ability to make NPP faster payments (known as Single Credit Transfers or Osko Payments) available to Heritage customers in mid-2018.  We will notify customers as soon as it available - stay tuned!

We will definitely be offering faster payments via the New Payments Platform (NPP), but we have decided not to be part of the initial NPP industry launch. We are continuing to undergo extensive development and testing to ensure that the payment experience we provide for our customers and other parties is totally seamless, easy and risk free. 

We decided to spend a little extra time to make sure we got it right, rather than rushing in to try to be part of the initial launch. We are one of many financial institutions that has made the same decision.

In fact, only about 50% of the country’s financial institutions were part of the NPP system at launch in February.

We aim to offering faster payments via the NPP in mid-2018.  

 
Single Credit Transfer (SCT) is a service on the New Payments Platform (NPP), which will enable near real time payments 24/7, including weekends and public holidays. 

Think of the NPP as the infrastructure that provides the technical platform on which new payment systems can be built. 

SCT is a service that allows you to make and receive payments between participating banks in Australia using an eligible BSB and account number or a PayID linked to your bank account.

Heritage will offer the SCT service when we launch faster payments later in 2018.
 
No, not all payments. The payment needs to be between participating financial institutions.   

If a payer or payee account is not enabled for SCT, you can still provide your BSB and account number to send and receive payments as you do now. You do not need to use the NPP for transactions, it is just another way to transfer funds.
 
Osko is a service offered by BPAY that is built on the New Payments Platform (NPP), which will enable near real time payments 24/7, including weekends and public holidays. 

Think of the NPP as the infrastructure that provides the technical platform on which new payment systems can be built. 

Osko is one of those new payment systems, enabling real-time payments via people’s PayID. It’s a service that allows you to make and receive payments between participating banks in Australia using an eligible BSB and account number or a PayID linked to your bank account.

Heritage has signed up to Osko Payments and will offer this service when we launch faster payments later in 2018. 
 
No, not all payments. If you have a scheduled payment from internet banking it will not be sent via Osko. If you are a business using internet banking for batch payments, the payments will not be transmitted via Osko. 

To use Osko by BPAY, both the payer and payee accounts will need to be enabled for Osko payments.  However if you attempt to send a payment via Osko and the receiver is not a participant, we can convert the payment to a Single Credit Transfer (SCT) and send it that way instead.  

It’s important to note that you do not need to use the New Payments Platform (NPP) for transactions, it is just a faster way to transfer funds.  If you prefer, you can still provide your BSB and account number to send and receive payments as you do now. 
 
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. 

If you need to pay someone who has also registered for PayID, you’ll only need their PayID to transfer money directly into their bank account. 

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

*Other financial institution may offer other PayID types

 
As your PayID links your mobile phone number and / or email address to your bank account, it’s more important than ever to keep your contact details up-to-date with us.

To make it easier to create your Heritage Bank PayID when we launch later in 2018, ensure your contact details are up-to-date, and download the Heritage Mobile Banking App. We’ll let you know when it’s time to create your PayID and provide instructions on how to do this.

To update your details, simply contact us or log into Heritage Online and go to Settings> Manage Contact Details. 
 
PayID is simply an additional 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.
When we enable faster payments via the New Payments Platform (NPP), they will be subject to Heritage’s real-time-fraud monitoring and other security measures designed to keep your accounts safe.