Faster and simpler payments from late 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 late 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 financial institutions. Soon you’ll be able to receive real-time payments between participating Australian financial institutions in near real-time, 24/7 by using a PayID.

We will notify you as soon as it available - stay tuned! Heritage will introduce the option to send payments via the NPP at a later stage.   

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 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.  

It enables you to receive a faster payment from anyone whose financial institution is a participant and who has an eligible account.

We anticipate the ability to receive NPP faster payments and create and maintain PayIDs will be available to Heritage customers soon.  Heritage will introduce the option to send NPP faster payments at a later stage.  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. 

Think of New Payments Platform (NPP) as the infrastructure that provides the technical platform on which new payment systems can be built.  These payment systems allow you receive funds between participating banks in Australia using an eligible BSB and account number or a PayID linked to your bank account.

Two NPP payment systems used include Single Credit Transfer and OSKO.

What is Single Credit Transfer (SCT)?
Single Credit Transfer (SCT) is a service on the NPP that enables near real time payments 24/7, including weekends and public holidays.

What is OSKO?
Osko is a service offered by BPAY that is built on the NPP that enables near real time payments 24/7, including weekends and public holidays.

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 are registered for PayID, you’ll only need to provide your PayID to the payer to receive money directly into your 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 soon, 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.

Don't forget, you can still provide your BSB and account number to get paid by someone if you prefer.

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 receive funds – 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.

Heritage will introduce the option to send NPP faster payments at a later stage.

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.