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We have some exciting news to share! A new faster, smarter and simpler way to send and receive money is coming soon to Australia and bcu.

At bcu we’re committed to making banking simple, easy, and convenient. We are excited to announce that bcu members will soon be able to make and receive payments in real-time, 24-hours a day, seven days a week to other financial institutions participating in NPP, through a new and fast payments service called the ‘New Payments Platform’ (NPP). bcu is part of over 50 Australian financial institutions that will be rolling out this new service soon.

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. This means that payments that can made / received almost instantaneously even after hours, public holidays, or weekends.
  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. 

We encourage you to check out the NPP video here.

How can you prepare for the NPP?

While the New Payments Platform isn’t available just yet, you can prepare to take advantage of faster payments by:

  • Making sure your email address and mobile phone number are up to date with bcu. You can update these details easily through bcu iBank.
  • If you aren’t already registered for bcu iBank, get set up by giving us a call on 1300 228 228 or visiting a bcu branch.

We are also about to launch a new, exciting version of the bcu Connect App at the end of November that will have new functions, as well as the ability to complete NPP transactions and manage PayIDs once this functionality becomes available. More information on the new App to come!

You should check out our next article which explains Osko by BPAY - the first service on the NPP which will allow bcu members to instantly process payments 24/7.

Important information

Information on this website is general and has been prepared without taking into account your objectives, financial situation or needs. You should consider whether this information is suitable for your objectives, financial situation and needs before acting on the information provided.