It is now possible to have near real-time payments received in to your bank account even if they bank elsewhere. To receive a payment as a business you can use an ABN (or ACN/ARBN) or Organisation ID.
If you sign in to Online Banking as a Business customer, you’ll be able to use your ABN, ACN or ARBN to create a PayID .
You’ll be able to receive a longer message with the transaction#. Your message will arrive with your payment.
Manage your cash flow better
Get access to money fast through the receipt of cleared funds in real-time.
Hold onto your money longer by paying in real-time on the due date.
Reduce payment errors
PayID payments will automatically display the recipient name before you authorise the payment. This may reduce the potential for misdirected payments.
Payers will have more room to provide information to help you easily identify specific transactions. This may save time on tedious reconciliations and allow you more time to focus on your core business.
Contact us for more information.