NPP, PayIDs and one-time passwords

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The nitty-gritty...

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.

Here’s how these three elements fit together:

• TO RECEIVE PAYMENTS: Registering your PayID with the LLL will allow you to receive immediate 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 its 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 LLL@Home account, which will give you an additional level of security. You also need to message us via LLL@Home 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).

 

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.