In Near Real-Time – PayID and NPP
So many acronyms!
If you’ve seen the ads on TV recently featuring a person with a fish head, you may be wondering what it’s all about.
This fish-man-hybrid is promoting the upcoming launch of the New Payments Platform (NPP) and PayID. This new platform enables Australians to transfer money to and from bank accounts of different financial institutions in near real-time.
AND, excitingly for you, the LLL will be amongst the first group of financial institutions to offer this world-class service to our depositors!
For LLL customers, this means you will soon have almost instantaneous access to your LLL funds – by transferring money in real time (i.e. within seconds) to your everyday account. This means you could begin to use your LLL account as an everyday account – because not many everyday accounts offer a 2.25% ‘no hurdles’ interest rate (i.e. you can withdraw money as many times as you want without it affecting your interest rate).
With fast payments, you could also use your LLL funds to pay immediately for things like:
- Buying second-hand goods in person without needing to withdraw large sums of cash
- Emergency transfer to your son who’s on holidays in Sydney who’s run out of money and can’t buy food for his final day
- Splitting bills in restaurants with friends
- The babysitter!
In addition, your LLL account will be able to receive fast payments (like those above) as well. Instead of having to remember BSB and Account Number details, once registered you can simply provide others with your PayID, which can be something as simple as your mobile phone number or email address.
The launch of the NPP is incredibly exciting, and paves the way for a new financial landscape within Australia.
Stay tuned for more information. Or for any questions please visit our www.lll.org.au/npp, or call us on 1800 556 457.