Australia’s largest credit union welcomed today’s announcement by its payments partner Cuscal that real-time payments through the NPP will be available to consumers early in the new year, after a period of live testing by participating financial institutions over the coming months.
CUA Head of Payments Matthew Lobdell said real-time payments via the NPP is one of the many ways that CUA is working to be available to members ‘anywhere, anytime’ through an improved digital experience.
“The digital banking world is rapidly changing to respond to increasing consumer demand for easy, frictionless, secure and value-adding payments and banking services,” Mr Lobdell said.
“CUA is committed to being one of the first financial institutions in Australia to bring the benefits of real-time payments to its members. This continues our approach of being an early adopter of new payments technologies.
“Already, we are seeing more and more of our members embrace digital banking channels, ranging from mobile banking through to using Apple Pay, Android Pay and Samsung Pay to make payments from their CUA accounts using their smart phone.”
Mr Lobdell said the key benefits of the NPP for CUA members were:
- It’s fast: When members make a payment or someone sends them money, the funds should be received in less than a minute, 24 hours a day and seven days a week.
- It’s simple: Instead of having to remember account numbers and BSBs, members will be able to create a ‘PayID’ using just their email address or mobile phone number to identify their CUA account for receiving payments. When members make a payment using a PayID, they will automatically be shown the name of the person who owns that PayID, before approving the payment.
- It’s smart: Members will be able to include up to 280 characters of text with each payment to describe what it was for and who it was made to. This means members can keep a more detailed record of their payments.
Mr Lobdell said CUA members could expect regular updates in the coming months as it gets closer to the launch of NPP.
Find out more at https://www.cua.com.au/npp