Introducing Fast Payments
We’re super excited to be bringing our customers Fast Payments through the New Payments Platform (NPP).
No more waiting. Fast Payments are here! You can now send and receive money in near real time.
Fast Payments from ubank’s original deposit & savings accounts, including USpend, USave, USaver Reach and USaver SMSF, are available 24/7 365 days a year to eligible accounts with participating Financial Institutions.
Hot tip: You’ll need to use the ubank mobile app to send money to your friends and family in near real time.
Please note: Scheduled payments and periodic payments even if created on the ubank mobile app won’t be sent as Fast Payments, and the usual 1-2 business day timings will apply.
Fast Payments, NPP, Osko, PayID – what’s the difference?
Same same, but different! Check out the descriptions below.
Fast Payments let you send money to most Australian financial institutions through the New Payments Platform (NPP). Fast Payment transfers are made between participating Australian banks in less than 60 seconds. You can see which banks have enabled Fast Payments here.
NPP Payments means payments are cleared and settled through the New Payments Platform (this include Osko Payments).
PayID is usually something that’s much easier to remember than your BSB and account number and can be linked to a financial account for the purpose of directing NPP Payments or instructions to that account. This could be a phone number or email address or really any other type of identifier that’s allowed by NPP and supported by us. Please note: ubank has not yet implemented PayID.
Osko is something you’ve probably heard of, as some companies use the Osko Payment service provided by BPAY®. An Osko Payment is made by or on behalf of a payer to a payee. ubank has not yet implemented Osko payments.
FAQs
Have any questions?
Important information
Near real time payments from a ubank deposit or savings account to participating financial institutions can only be sent using the ubank mobile app (and not online banking).