The nitty-gritty about the NPP, PayIDs and setting up a one-time password
To start, here are a few definitions:
New Payments Platform (NPP) - new technology that allows Australian consumers to send and receive payments quickly (almost instantaneously) from one bank account to another between institutions.
PayID – a smart address for payments that is linked to your bank account, such as your mobile phone number or email address.
One-time password – an additional security measure offered by the LLL whereby each time you log into LLL@Home you are required to input your one-time password which will be sent to you via SMS or self-generated using a security token app.
This information is not intended to constitute financial product advice. You should obtain and read the LLL Notice to Depositors 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.