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Want to know more about Real Time Payments? Read on.

  What are Real Time Payments?

Real Time Payments are the newest way to transfer funds within Australia. Depending on the receiving institution, funds can be available in less than 1 minute - 24 hours a day, 7 days a week. 

  What is the New Payments Platform (NPP)?

The New Payments Platform enables real time clearing and settlement for electronic payments. It has the ability to simplify payments through  an Addressing Service as well as offer the ability to include more information with payments. For more information about the New Payments Platform, please visit the New Payments Platform website.

  What is the difference between Osko, Single Credit Transfer and Standard Transfer?
  • Osko payments are sent and received in less than 1 minute - 24 hours a day, 7 days a week. Funds will be sent like this if the receiving institution is Osko enabled.
  • Single Credit Transfers, or SCT's, are payments that are sent and received within a few hours. Funds will be sent like this if the receiving institution is NOT Osko enabled, but  IS participating in the NPP scheme.
  • Standard Transfers are sent and received within 24-48 hours. Fund will be sent like this if the receiving institution is NOT Osko enabled, and is NOT participating in the NPP scheme.

Our system will take the guess work out for you by automatically selecting the correct type of payment. 

  What is a PayID?

A PayID enables you to register your mobile number, email or even ABN to then give to people instead of your BSB and Account Details. You can register your personal PayID through Online Banking or The Mac App. Alternatively, you can contact our friendly team on 1300 622 278 or visit one of our local branches and we can help.

  Can a business set up a PayID?

Yes, a business can have a PayID registered to their account. At The Mac, we need to do this for you, so please contact our friendly team on 1300 622 278 or visit one of our local branches.

  What if I don't have a mobile phone, email address or ABN?

If you don't have a mobile phone or email address, you will not be able to register a PayID. You can still send and receive real time payments through Osko

  Can I link a PayID to more than one account?

No, you can only link a PayID to a single account. However, you can link multiple PayID's to the same account.

  Can I change my PayID?
Yes, you can manage your PayID through Online Banking or The Mac App. Alternatively, you can contact our friendly team on 1300 622 278 or visit one of our local branches and we can help.
  How do I know if I have sent the funds to the right person using PayID?

If you send a payment using a PayID, our system will automatically check the details on a National Addressing System and ask you to confirm who you are sending the payment to before you complete the transfer. In the event that you accidentally transfer to the wrong person, please contact our team ASAP on 1300 622 278.

  Do I have to be registered for SMS One Time Password to use the New Payments Platform?
No, however your Online Daily Transaction limit will be $250. 
  Why is my payment being rejected?
If you are using a BSB and Account Number rather than a PayID to transfer funds, check that the details are 100% correct. Some institutions require the account number to be 8 digits long, if the account number you are transferring too only has 6 or 7 digits, try adding zero's in front so there are 8 digits. Don't include any dashes or spaces - only numbers.

 

Want to talk to a real person about Real Time Payments?

You can request a call back from our team or call 1300 622 278, Monday to Friday 8am – 5:30pm.

Our Camden, Narellan, Picton or Tahmoor branch teams are also happy to help you with your enquiry.

Find out where our local branches are located.

 

  Find out more

 


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