Australians will soon be able to transfer money instantly – putting an end to frustrating payment delays – with financial institutions across the country set to introduce a “New Payments Platform” (NPP) for customers.
In early 2018, the LLL will become one of the first financial institutions in Australia to offer the NPP, which will make it easier for people to make transactions online.
For example, if you want to transfer money to a friend or family member, you will no longer need to ask for their BSB and account number, and instead will just need their mobile phone number or email address.
Transactions will then be finalised almost instantaneously through the NPP, which will enable you to send and receive money in almost real-time 24 hours a day, seven days a week throughout the entire year.
All of the LLL’s deposit accounts with online access and a one-time password will be able to register, so any NPP payments made to or sent by you will be received in real-time.
To be ready for the NPP (and PayID), you’ll need to have online account access (i.e. LLL@Home) with a one-time password as an extra security option. Once the NPP is launched (anticipated in March 2018), you’ll be able to register a PayID to your LLL account and start taking advantage of faster transaction speeds.