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Real time payments

Faster simpler smarter payments are coming

Real time payments

Faster-simpler-smarter-payments-are-coming

A faster and simpler way to pay and get paid is coming.

WAW customers will soon benefit from faster, simpler, and smarter payments with WAW being one of the first to offer the New Payments Platform (NPP) in early 2018.

WAW Credit Union CEO Michael Mack said “While many people may not be aware of the NPP, it represents one of the largest industry collaboration projects ever in Australian banking history, with estimates on the investment to date by industry to be in excess of $1bn. At the core of the new technology is the ability for customers of participating organisations to instantaneously receive payments”.

From early 2018 faster, simpler payments will be available at WAW with the introduction of the NPP’s first services: Osko and PayID.

Osko – faster payments
The Osko service will allow WAW customers to send and receive fast payments anytime, anywhere with funds generally transferred and “”cleared” between participating banks in less than 60 seconds.

Pay ID – simpler payments
With a PayID sending or receiving money is made simpler. You can securely register your mobile number or email address which will be linked to your account. Then when someone needs to pay you, you simply give them your PayID instead of your BSB and account number.

What can you do to prepare for PayID and Osko?
Soon you will be able to register your PayID via Netlink or Mobile Netlink, and then we will link it to your account.

Make sure you are registered for Netlink (online banking) and Mobile Netlink (mobile banking), and that your mobile number and email details are up to date. We’ll let you know when you can register for a PayID.

Existing security features still apply to your accounts such as 24/7 fraud monitoring. When registering a PayID, you should only provide the information required within your usual online and mobile banking. As always, it’s important to be wary of requests asking you for personal information. WAW will never ask you to share these details via links in emails or text messages.

Find more information about PayID here: “WAW PayID”

Find more information about Osko here: “WAW Osko”

Find NPP FAQ here: “WAW NPP FAQ”

If you require any further information about PayID, Osko or the New Payments Platform (NPP) we would be pleased to help. You can contact your nearest Customer Service Centre or call our Directlink customer service team on 1300 368 555.

Consider terms and conditions from WAW Credit Union before using Osko and PayID.