Looking for a way to make or receive safer bank transfers/payments? You may be interested in setting up and using PayID.
We've implemented Osko payments, which give our customers the ability to make faster and more secure payments to/from participating financial institutions. It's worth noting that Osko is only available for payments within Australia. However, similar systems exist overseas.
Osko payments can be made using BSB and bank account details or PayID. PayID links a person's bank account to their email address or mobile number and can help minimise fraud and increase security, as the PayID acts as a unique identifier for each bank account, while also making it easier than ever to provide your bank details. Banking just got easier thanks to PayID, and setting up your PayID is a short, simple process that you can do right now.
As of October 2022, the Australian Banking Association reported that more than 12.7 million Australians1 were using PayID, so you can be secure in the knowledge that it's both safe and fast.
There are a couple of ways you can register a PayID with Qudos Bank, and we've made it as easy as possible. You can use the Qudos Bank app, or you can register online – it's really up to you. If you're familiar with using the Qudos Bank app, or online banking, then registering for PayID is a breeze. On the fence? Read on to learn more about the benefits of PayID – but if you're looking to sign up now, then here's how you can do it.
If you're registering your PayID using the app:
If you're registering your PayID online:
Signing up for a PayID can take just minutes, and it's designed to save you time every time you need to receive a payment from someone (more on that later). If you want to learn more about you can install our mobile app, or how you can use the our website, then you can visit our FAQs page.
Using PayID may help you transfer money more securely, while also ensuring your payments are going to the right place. PayID increases the security of your transfers by telling you who you're paying before confirming the payment. When you start setting up PayID, you'll beThis makes it harder for people to commit fraud and pretend to be someone else.
These security measures are in addition to our card monitoring service provider, which monitors unusual transactions. Like other financial institutions, we have sophisticated fraud detection and identity theft measures in place to protect our customers.
Our goal is for our customers to bank with confidence and ease – which is why we highly recommend that you make payments using PayID and sign up for a PayID to receive payments from others. You can learn more about these measures on our Fraud & Security hub.
When you're looking to transfer using PayID, ensure:
If your gut says something might be off, it's best to wait until you can find out more about the person/business you're engaging with. After all, someone that is looking to do business with you likely won't have any issues proving they are who they say they are.
Do you send or receive money frequently? You won't need to give out your BSB and account number to receive a payment using PayID, nor will the person/business you are paying using PayID. Instead, they can simply provide you with a mobile number, ABN or email address. This means you're less likely to accidentally send money to the wrong person because you can verify their name beforehand.
If you're someone that double and triple-checks BSB and account numbers, then PayID may also speed up your financial transactions. It's easier to type in a mobile number, email address or ABN, rather than trying to type in lengthy account numbers and BSBs.
As PayID shows you the name of the person involved in the other end of the transaction, the days of switching back and forth within the app/on the website to check the details are over.
Osko technology also allows payments to be made in real-time (provided that the financial institution allows it). Rather than waiting 1-2 days for funds to be transferred, financial institutions that have implemented Osko can facilitate transactions on a 24/7 basis, with these transactions taking place almost immediately.
Receive/send money moments after it's sent, rather than waiting for 24-48 hours. Whether you're an individual or a business, knowing that your money is reaching its destination sooner is a big confidence boost, especially if you're travelling or making big life decisions.
Have any more questions about PayID or Osko technology? You can visit the FAQ page here. Alternatively, call us on 1300 747 747 to chat to a member of our team.
References
[1] Millions of Australians take-up PayID to prevent scams | Australian Banking Association (https://www.ausbanking.org.au/millions-of-australians-take-up-payid-to-prevent-scams)
The information in this article is of a general nature and has been prepared without considering your objectives, financial situation or needs. Before acting on the information, consider its appropriateness to your circumstances.
Where the receiving financial institution is enabled for Osko. Where a receiving financial institution isn’t Osko enabled to accept instant payments you will receive a notification that the instant payment can’t be processed and that your payment will be delivered via standard payment methods. The standard payment platform (Direct Entry) could take between 1-2 business days to transfer funds depending on the institution.
We acknowledge the Traditional Owners of the lands on which we operate and pay our respects to Elders past and present, and to emerging community leaders. We also acknowledge the important role Aboriginal and Torres Strait Islander peoples continue to play within the communities in which Qudos Bank operates and where our team members reside.
