6 ms·

There is a delay of first transactions. PayID is what it it is called for most banks.

by seb1204 5y ago

laurencei 5y ago
I believe it is 24 hours for the first, then instant after that.
- elyobo 5y ago
  That's at the bank's discretion, rather than something enforced by the system.
  - plantain 5y ago
    It still totally undermines the system. I went two hours out of town to pickup a car, expecting to pay on the spot with PayID instantly, just like dozens of times before. It triggered the mysterious 24 hour waiting period of my or their bank (the biggest in Australia), and of course the sellers wouldn't let me take the car. Dozens of calls to the bank, escalations - nothing can be done. I had to cancel the transaction (by lying and saying it was fraudulent), drove to the bank, withdrew the money in cash, and paid the good-old-fashioned way. headdesk. PayID is useless as a payment system if you can't actually rely on it to make a payment in a timely manner.
- akdor1154 5y ago
  What a coincidence, a fraud protection scheme that happens to make NPP unsuitable for retail payments right off the bat. Surely unintentional and nothing to do with banks and credit cards wanting to preserve their racket of skimming every purchase in the country.
  - zizee 5y ago
    FWIW what GP wrote is not true of all banks in AU. I have made several transfers to new payids recently and they have all gone through immediately.
  - askvictor 5y ago
    I've never experienced that, and as others have said, it's not true of all banks; most bill it as near-instant. I think the biggest barrier to adoption for retail payments is a visibility issue - most people I've spoken to have no idea what Osko or PayID are.
elyobo 5y ago
PayID is the service that let's you pay to a mobile / email / ABN, but it's not the only use - smaller value transfers to a standard BSB are also often instant thanks to Osko which is also using the New Payment Platform.
stephen_g 5y ago
I’ve never experienced that with any of the banks I have accounts with…
CTDOCodebases 5y ago
Depending on the bank large transfers are delayed to prevent fraud.

There is a delay of first transactions. PayID is what it it is called for most banks.

laurencei 5y ago

I believe it is 24 hours for the first, then instant after that.

elyobo 5y ago
That's at the bank's discretion, rather than something enforced by the system.
- plantain 5y ago
  It still totally undermines the system. I went two hours out of town to pickup a car, expecting to pay on the spot with PayID instantly, just like dozens of times before. It triggered the mysterious 24 hour waiting period of my or their bank (the biggest in Australia), and of course the sellers wouldn't let me take the car. Dozens of calls to the bank, escalations - nothing can be done. I had to cancel the transaction (by lying and saying it was fraudulent), drove to the bank, withdrew the money in cash, and paid the good-old-fashioned way. headdesk. PayID is useless as a payment system if you can't actually rely on it to make a payment in a timely manner.
akdor1154 5y ago
What a coincidence, a fraud protection scheme that happens to make NPP unsuitable for retail payments right off the bat. Surely unintentional and nothing to do with banks and credit cards wanting to preserve their racket of skimming every purchase in the country.
- zizee 5y ago
  FWIW what GP wrote is not true of all banks in AU. I have made several transfers to new payids recently and they have all gone through immediately.
- askvictor 5y ago
  I've never experienced that, and as others have said, it's not true of all banks; most bill it as near-instant. I think the biggest barrier to adoption for retail payments is a visibility issue - most people I've spoken to have no idea what Osko or PayID are.

elyobo 5y ago

PayID is the service that let's you pay to a mobile / email / ABN, but it's not the only use - smaller value transfers to a standard BSB are also often instant thanks to Osko which is also using the New Payment Platform.

stephen_g 5y ago

I’ve never experienced that with any of the banks I have accounts with…

CTDOCodebases 5y ago

Depending on the bank large transfers are delayed to prevent fraud.