Fast, convenient, simple and secure
Now you'll be able to make real-time payments between bank accounts with different financial institutions, around the clock, wherever you are, using just a mobile phone number, email address, or an Australian Business Number (ABN).
South West Slopes Bank is participating in the New Payments Platform (NPP), which the banking sector has been developing for a number of years. This will start to transform the way we pay friends and family, businesses, and government agencies.
Osko by BPAY is a digital service to be offered to our members through our Online Banking and SWSbank Banking App. This means the service will be easy to access alongside members existing banking service.
For more information on Osko by BPAY click here.
PayID is a component of the New Payments Platform (NPP) that enables users to create an easy to remember PayID, like your mobile phone number, email address or ABN that you register and link to your SWSbank account to receive payments.
PayID is safe and secure, each payment needs to be approved before it can go through, giving you more security and control over the payment, it will also give you greater peace of mind as you will no longer have to provide your financial account information, such as BSB and account number to Payers in order to receive payments.
For more information on PayID click here.
To take advantage of this platform for banking transactions, please ensure your phone number and email address details are up to date in our system. You can update these through internet banking or by calling us or by visiting a branch.
It's a brand New Payment Platform that will allow Australians to transfer money from one account to another much more quickly, 24 hours a day, 7 days a week.
The New Payments Platform is safe and secure as it is certified to the highest data security standards and monitored 24 hours a day, 7 days a week, It also has very high security standards and capabilities that must be met by all connecting participants who are required to be regulated Authorised Deposit-taking Institutions. Australian banks have some of the more sophisticated fraud detection methods and technology, and fraud levels in Australia are very low. After consultation with countries where real-time payments are in place, we will be adding extra fraud detection methods and collaborating with Australian Financial Institutions and law enforcement agencies when the New Payments Platform goes live.
Osko by BPAY is a service built on the New Payments Platform. It will allow people to send and receive real-time payments to or from friends, family, businesses and government using a BSB and account number or a PayID linked to their bank account.
It's a smart address for payments, created by linking a bank account to a recognisable and memorable piece of information used in everyday life, such as an email address or mobile phone number. While the PayID can only link to one bank account at a time, accounts can have more than one PayID. A PayID can be a phone number, email address, ABN number or organisation ID's such as a company name. A PayID provides greater convenience and peace of mind as a customer no longer has to disclose their BSB and account number to receive payments.
Only the owner of the device can register it as a PayID, as it will require Authentication in the form of a code sent to the phone number or email address provided to complete the registration.
No, as a PayID is only used to receive funds, not send them.
NPP payee-validation functionality will allow you to see the short name information of the person or business you're intending to send the money to, so you know your payments are going to where they should be.
There are processes / procedures in place to deal with 'mistaken payments', if you have made a mistaken payment you need to contact South West Slopes Bank immediately so we can attempt to recover the funds for you.
If your PayID has been locked at your request, you will also be able to request your PayID be unlocked. However, if your PayID has been locked by South West Slopes Bank you will need to contact us to discuss.
Yes, you can change the account that your PayID is linked to. The account can either reside with your current Financial Institution or with a different Financial Institution. If the account is at your current Financial Institution: You will need to link your PayID to a different account than it is currently linked through your Financial Institution.
If the account is at a different Financial Institution: You will need to check with your current Financial Institution and request that the status of your PayID be updated to 'transfer'. Once in a state of 'transfer', you will need to check with the Financial Institution which holds the account you intend to link the PayID to, and link the PayID to the new account.
You should note that an individual PayID cannot be linked to two accounts at the same time.
Your Financial Institution will place your PayID into a state of 'transfer with in one business day of the request being lodged (or as agreed by your Financial Institution). The time your new Financial Institution will take to create the PayID after it has been put into a state of 'transfer' is at the discretion of your new Financial Institution.
If the transfer is not successfully completed within 14 days of its status being changed to 'transfer', your PayID will remain linked to the Financial Institution at the Financial Institution you were attempting to transfer from.
If this happens, you will need to repeat the transfer process again by contacting your Fiancial Institution if you still want to link it to another account at a different Financial Institution.
You are required to close any PayIDs you no longer have the authority to use. Contact South West Slopes Credit Union for details on how to close your PayID.
You should close or lock your PayID when you no longer wish to use it. Contact South West Slopes Bank for details on how to close or lock your PayID. A PayID which is locked or closed will not receive payments to financial accounts.
You cannot make a payment to a closed or locked PayID.
Yes, you can close your PayID through Internet Banking or the Mobile Banking App. Once you close a PayID you must recreate it if you wish to use it again.
BSB and Account numbers can still be used, a PayID is just an alternative way to direct a payment to a bank account. PayID is a simpler way to pay.
Yes, multiple PayID types can be linked to the same account. For example you could link an email PayID and a phone number PayID to the same account.
When a person uses your PayID to pay you, the only information they will see is the name you have provided to describe that PayID, such as your own name or business. A person with your PayID cannot access your bank account or personal information linked to your account.
