New Payments Platform will be a banking game changer for Tasmanians says MyState
First published on February 14, 2018
The nationwide New Payments Platform (NPP) is now available and will save millions of hours in lost time and herald a new level of payment convenience for Tasmanians, says MyState Limited General Manager Banking, Sales & Service Kate Dean.
Ms Dean said the Platform is set to change the way we do our banking and will make sending payments to family, friends or businesses faster, simpler and smarter. It provides consumers and businesses the ability to:
- Transfer money instantly between accounts at different financial institutions
- Make these payments any time of day, and day of the year
- Include more accompanying information with these payments than ever before
- Use PayID, a simpler way to pay that lets you see the name of the person or business you are paying before sending the payment
“Customers can now send or receive money from accounts at other participating financial institutions faster than ever before and at any time of day or night. Payments will be in real time 24/7. It is as fast as cash, without the hassle of cash,” she said.
“Transfers through the new Platform are not only simpler, but also faster, as consumers can now use information such as an email address, mobile phone number or their ABN to register for a PayID. The PayID can then be used instead of providing a BSB and account number.
“Take for example you are out to dinner with a group of friends only to find out that the bill can’t be split at the end of the night and of course, you don’t have cash in your wallet. Your friend decides to pay the bill, but doesn’t have the funds available to cover the entire bill. You can now transfer funds to their account in real-time using their PayID,” Ms Dean said.
The service is available now and MyState customers can now register their PayID through Internet Banking to start using the service immediately.
The New Payments Platform is the latest digital service innovation for MyState, following the introduction of Apple, Android and Samsung Pay in 2017 as well as an updated internet and mobile banking platform.