A banking revolution is coming!
In 2017, a major change is coming to the Banking industry in Australia. It’s called the New Payments Platform (NPP) and it will revolutionise how we transfer money to each other.
Transferring money from one financial institution (FI) to another can currently take up to 3 or 4 days, depending on when the transaction is processed.
This is due to weekends, public holidays and bank processing schedules. However, when the NPP is launched later this year, you will be able to send money to another FI in Australia in just 15 seconds, 24 hours a day, 7 days a week!
Currently, if you want to transfer money to another person, you need to know their account name, BSB and account number. Under the NPP however, all you will need is the person’s current mobile number or email address.
Making payments under the NPP will still be quick and easy. Simply log into Internet Banking or the First Option Easy App, transfer the money to the other person’s email address or mobile number, and in most cases the funds will be there almost instantly.
As we get closer to the launch later this year, we will provide more information on how you can prepare for the NPP by registering your First Option account to your email address or mobile number.
Stay tuned for more information on this exciting banking revolution.