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No need to wait… transfer your funds in near real time with Faster Payments through the New Payments Platform (NPP).
The LLL is one of the first financial institutions in Australia to offer the NPP. It makes it faster and easier for people to transfer money between bank accounts online. As more and more financial institutions start to offer this new technology, using the NPP will soon become the norm.
No longer do you need to remember a BSB and account number when transferring or receiving payments. You can elect to register a unique PayID for your account, think of it as a ‘nickname’; this could be your phone number, email address or ABN number. It simply provides a simpler way to receive payments by sharing your PayID instead of your BSB and account number if you wish.
The new PayID system has the potential to change the way we pay for everything from second-hand goods to paying a tradie or repaying a friend.
What are the benefits?
- Fast – the NPP will allow you to make payments in near real-time, with funds available to the recipient almost immediately instead of the old 1-2 day wait time.
- 24/7– the NPP is now open for business. You will be able to make and receive payments 24 hours a day 7 days a week.
- PayID – you can nominate your own unique PayID, this could be your phone number, email address or ABN number. Note: when using PayID, the system will show you the recipient’s name before you authorise your payment, so you know you’re sending it to the right person. Read more about PayID here.
- Data enriched – the ability to send more complete remittance information with payments.
- Secure – the NPP is secure. It is monitored 24/7 and is certified to the highest data security standards.
The LLL and NPP:
- All of LLL's savings accounts can receive Faster Payments.
- To be able to make Faster Payments with the NPP, you’ll need to have online account access (i.e. internet banking) with one time passwords as an extra security option.
Log into LLL@Home to request the NPP functionality for Faster Payments or register a PayID for your LLL account. If you need assistance please contact the LLL on 1800 556 457.
Visit the LLL website for more information on NPP.
This advice is general in nature and does not take into account your personal situation, needs or objectives. Please consider the Disclosure Documents (available in branch or on the LLL website) to decide if this product is right for you.
