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 will allow 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.