LLL depositors can now make and receive Faster Payments on the New Payments Platform.
To register, simply log into LLL@Home and follow the prompts.
Australians are now 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.
The LLL has 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 (once they're registered with Faster Payments on the NPP) you will no longer need to ask for their BSB and account number, and instead will just need their registered 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.
Visit the NPP Australia's Frequently Asked Questions for more information.
We acknowledge that scams and fraud can occur with payments and we encourage all our depositors to be diligent and scam aware to remain safe. See the NPP's infographic below:
You can also view a scam awareness video below:
This information is not intended to constitute financial product advice. You should obtain and read the LLL Disclosure documents and the LLL@Home Terms & Conditions (available in branch or on the LLL website) before making a decision to deposit funds with the LLL. NPP Payments from LLL accounts will only be available to NPP Participants. NPP Payments will not be successful into LLL accounts from any NPP Participants who do not offer Single Credit Transfers.