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) – a new technology that allows Australian consumers to send and receive payments quickly from one bank account to another between institutions.
PayID – a smart address for payments that is linked to your LLL Savings 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 in to Internet Banking 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.
Here’s how these three elements fit together:
To receive payments: Registering your PayID with the LLL will allow you to receive near real-time payments via the NPP into your LLL account (e.g. a friend or family member can quickly and easily transfer money directly into your LLL account using your mobile phone number).
Note: You do not need to have a PayID to receive any payments via the NPP. Your BSB and account number can be used. It’s just a matter of the payer using the NPP faster payment method.
- To send payments: In order to send fast payments via the NPP, you need to have a One Time Password enabled on your Internet Banking account, which will give you an additional level of security. You also need to have messaged us via Internet Banking to switch on functionality.
Note: You do not need to have a One Time Password if you do not intend to make any NPP payments (you can still make payments using BSB and account numbers as per the current system).
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.