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Introducing the New Payments Platform (NPP)

bcu members will soon be able to make and receive payments in real-time, 24-hours a day, seven days a week, through a new and fast payments service called the ‘New Payments Platform’ (NPP) to other financial institutions also offering NPP. bcu is part of over 50 Australian financial institutions that will be rolling out this new service soon.

What are the benefits of the NPP?

  1. Faster payments: when you make a payment or someone sends you money, the funds should be received in less than a minute, 24 hours a day and seven days a week.

  2. Smarter Payments: you’ll be able to include up to 280 characters of text with your payment to describe what it was for and who it was made to. This means you can keep a more detailed record of your payments.

  3. Simpler Payments: instead of having to remember account numbers and BSBs, you’ll be able to create a ‘PayID’ using just your email address, mobile phone number, ABN or Organisation Name to identify your bcu account for receiving payments. When you’re making a payment using a PayID, you’ll automatically be shown the name of the person who owns that PayID before you approve the payment.

Want to learn more about the NPP?

You can find more information available directly on our landing page www.bcu.com.au/banking-that-moves-with-you/npp, and also on the NPPA website here.