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The two banks I’ve checked only allow you to use your mobile phone number or email address as your PayID (CBA and ING). When paying somebody, when you enter a

The two banks I’ve checked only allow you to use your mobile phone number or email address as your PayID (CBA and ING). When paying somebody, when you enter a recipient’s PayID, the bank confirms by showing the recipient account holder name. So in effect, they’ve just implemented a nationwide number-to-name lookup system. Separate to this, these two banks are pushing it hard. It feels like a land grab, since a single phone number can only be assigned to a single bank.

gonzo41 9y ago
CBA handles 50% of Australian Banking each day. They already have the land!
incompatible 9y ago
I suppose you either create multiple email addresses and assign one to each bank, or select a single bank to receive all your incoming payments and transfer to others as required (hopefully instantly). I hope there'll be a way to delete a phone number or email address from the lookup system once it's added, so that you can move it to a different bank.
- zaphirplane 9y ago
  With all the spam emails pretending to be Apple or PayPal I get, that pass the Hotmail / Gmail spam detector, you definitely want a special email address, with its own password and you’d forget name and password when you actually want to use it ;)
  - incompatible 9y ago
    Why, are you worried spammers will start sending you money?
SyneRyder 9y ago
Westpac appears to be limiting it to mobile phone number, not even allowing email addresses. I'm okay with giving out an email address, but not my personal phone number that people can call & buzz me any time of day or night. I'd rather just give out my BSB / Account Number. I'm happy to see real-time payments, though. That will make it easier to bounce money around between savings accounts at different banks, no more waiting 3 days for EFT to clear. [1] https://www.westpac.com.au/faq/payid-what-is-it/ https://www.westpac.com.au/faq/payid-what-is-it/
- incompatible 9y ago
  It's not clear to me if the BSB / Account Number or BPAY payments will be in any way affected by this new system, or if they will remain as slow as ever.
  - deecewan 9y ago
    They should be faster, but I doubt it.
    - incompatible 9y ago
      The new payment type will be called "Osko", which can only be used with a PayID. The old payment types will apparently continue to operate the same as ever. Banks may offer smaller maximum transaction sizes for Osko, or delay the first payment to a new account by up to 24 hours, in an attempt to reduce fraud.
incompatible 9y ago
Showing the name is interesting. So now if you have a random email address or phone number and you don't know who it belongs to, you may be able to get a name from this system.
- NKCSS 9y ago
  In The Netherlands, this was a privacy issue for banks. One bank showed the account holder details when you entered a correct IBAN.
NamTaf 9y ago
I'm not sure how I feel about this number-to-name lookup system. instant inter-bank transfers are well overdue and in theory being able to verify where you're sending cash is lovely but it's definitely a double-edged sword.
dawogfather 9y ago
Really? That's pretty poor form. And has put me off it without having even used it yet. Imagine the identity theft we are going to see when people can lookup a mobile phone number and account name on one click of their app.
djsumdog 9y ago
Huh. With the current transfer system, you input their account number and name to confirm you're sending it to the right place (at least for NAB and ANZ). That does sound like a bit of an information leak. I mean the big advantage is that you can make pretty big purchases, like pay for a bicycle or car, in real time without having to wait to see the transfer the next day.
- robbiep 9y ago
  Name isn’t a matching criteria in our current payments system, it may be used later in the event of a dispute or error but it is not used initially
cheesekun 9y ago
Most banks will have daily rate limiting on PayID lookups. This prevents using a banks systems as an API to PayID.

gonzo41 9y ago

CBA handles 50% of Australian Banking each day. They already have the land!

incompatible 9y ago

I suppose you either create multiple email addresses and assign one to each bank, or select a single bank to receive all your incoming payments and transfer to others as required (hopefully instantly). I hope there'll be a way to delete a phone number or email address from the lookup system once it's added, so that you can move it to a different bank.

zaphirplane 9y ago
With all the spam emails pretending to be Apple or PayPal I get, that pass the Hotmail / Gmail spam detector, you definitely want a special email address, with its own password and you’d forget name and password when you actually want to use it ;)
- incompatible 9y ago
  Why, are you worried spammers will start sending you money?

SyneRyder 9y ago

Westpac appears to be limiting it to mobile phone number, not even allowing email addresses. I'm okay with giving out an email address, but not my personal phone number that people can call & buzz me any time of day or night. I'd rather just give out my BSB / Account Number. I'm happy to see real-time payments, though. That will make it easier to bounce money around between savings accounts at different banks, no more waiting 3 days for EFT to clear. [1] https://www.westpac.com.au/faq/payid-what-is-it/ https://www.westpac.com.au/faq/payid-what-is-it/

incompatible 9y ago
It's not clear to me if the BSB / Account Number or BPAY payments will be in any way affected by this new system, or if they will remain as slow as ever.
- deecewan 9y ago
  They should be faster, but I doubt it.
  - incompatible 9y ago
    The new payment type will be called "Osko", which can only be used with a PayID. The old payment types will apparently continue to operate the same as ever. Banks may offer smaller maximum transaction sizes for Osko, or delay the first payment to a new account by up to 24 hours, in an attempt to reduce fraud.

incompatible 9y ago

Showing the name is interesting. So now if you have a random email address or phone number and you don't know who it belongs to, you may be able to get a name from this system.

NKCSS 9y ago
In The Netherlands, this was a privacy issue for banks. One bank showed the account holder details when you entered a correct IBAN.

NamTaf 9y ago

I'm not sure how I feel about this number-to-name lookup system. instant inter-bank transfers are well overdue and in theory being able to verify where you're sending cash is lovely but it's definitely a double-edged sword.

dawogfather 9y ago

Really? That's pretty poor form. And has put me off it without having even used it yet. Imagine the identity theft we are going to see when people can lookup a mobile phone number and account name on one click of their app.

djsumdog 9y ago

Huh. With the current transfer system, you input their account number and name to confirm you're sending it to the right place (at least for NAB and ANZ). That does sound like a bit of an information leak. I mean the big advantage is that you can make pretty big purchases, like pay for a bicycle or car, in real time without having to wait to see the transfer the next day.

robbiep 9y ago
Name isn’t a matching criteria in our current payments system, it may be used later in the event of a dispute or error but it is not used initially

cheesekun 9y ago

Most banks will have daily rate limiting on PayID lookups. This prevents using a banks systems as an API to PayID.