PayID is a smart address for payments created by linking your LLL account to a recognisable and memorable piece of information you use in everyday life – such as your mobile phone number or email address. With PayID, you’ll be able to send and receive payments with unprecedented ease, convenience and confidence.
You can also own multiple PayIDs for separate accounts (i.e. you could use your mobile phone number for your LLL deposit account, and your email address for your everyday banking account).
BSB and account numbers will still exist
PayID is simply an easier way to pay someone, however it won’t replace the traditional method of transferring funds via BSB and account numbers. So if for whatever reason you’d prefer not to register a PayID, you’re more than welcome to continue using BSB and account numbers for your transactions if you wish.
Benefits of PayID:
Once the NPP becomes available, you will be able to use any of the following as your PayID:
It is in everyone’s interest that the PayID service is safe and secure, which is why it is certified to the highest data security capabilities and monitored 24 hours a day, seven days a week. PayID also has high security standards that must be met by all financial institutions that wish to register a customer’s details on the service, which they can only do with the customer’s informed consent.
There are strict identification rules that must be followed by participating financial institutions when a PayID is created, similar to those already in place in the industry. This ensures the customer has a right to use that PayID as well as the bank account it is being linked to.
A PayID cannot be used to take money out of an account. It can only be used to receive payments.
Financial institutions can instigate the PayID Dispute Resolution process. This will enable the disputed PayID to be investigated and assigned to the rightful owner.
When a customer creates a PayID via their financial institution, they will be asked to give their PayID a ‘nickname’. This name must be an appropriate representation of the account holder and must not intend to mislead or confuse a payer. The service provider facilitating the PayID payment will display this name to the payer during the payment process to confirm that the payee is indeed the person or company they are intending to pay. In many cases, the full legal name of the account holder may also be displayed.