PayID & faster, simpler payments have arrived for CUA members

After an initial rollout of PayID and faster payments for CUA team members, to coincide with the national launch of the New Payments Platform earlier this month, CUA Head of Payments Matthew Lobdell said CUA was pleased to now be offering the functionality to all CUA members.

“In the first 10 days following the introduction of the NPP and PayID, we had 70% of our CUA team members register a PayID and start sending and receiving faster payments,” Mr Lobdell said.

“We’ve had plenty of enthusiastic members asking us about the NPP since its industry launch, and we’ve had a really positive reception from our own team members. So we are pleased to now be bringing the ability to both send and receive faster payments, and to register an easy-to-remember PayID, to all CUA members.”

From today, CUA members can register their PayID using CUA online banking, as an alternative way to send and receive money, without needing to remember their BSB and account number. Members have a choice of whether they’d prefer to use their mobile phone number, email address or ABN (for businesses) as their PayID. Members can also send and receive faster payments using a BSB and account number, similar to today.

Over the coming months, CUA will look to also integrate NPP functionality into its new mobile banking app, which is in the final stages of development. Mr Lobdell encouraged those CUA members who aren’t already using online banking to also set-up online banking and register their PayID.

“This faster way to pay will dramatically change the way that Australians manage their money. When you make a payment from a CUA account or someone sends money to you, the funds will generally be received in less than a minute between participating financial institutions, 24/7 and 365 days a year,” Mr Lobdell said.

“That is a significant change from the current system, where it can take up to three days for funds to clear and then appear in the destination account.

“Another key benefit is that it is a simpler way to pay. Gone are the days of having to look up your BSB and account number when you’re requesting a payment – now you can simply give your PayID to the person making the payment to you.

“The third benefit is that it is a smarter way to pay, as you can include a much more detailed description of up to 280 characters with each payment, making it easier to keep a record of your payments.”

Mr Lobdell said the rollout of faster payments and PayID was another example of how CUA was working to be available to members anywhere, anytime, by improving the digital experience and choice of channels for members.

“CUA is committed to continually innovating and offering our members a choice of new digital channels. That’s why we’ve invested significant time and resources into the NPP project, and we are excited to be amongst the early adopters across the industry,” he said.

“This builds on the continually expanding digital offering that our members are already benefitting from, like our mobile wallet offering, with CUA among a limited number of financial institutions to be offering members a choice between all three digital wallets – Apple Pay, Google Pay or Samsung Pay.

“We were also the first financial institution to sign on to trial Australia’s Post’s new online identity verification tool, Digital iD, which is now being trialled for members applying to open selected transaction accounts online.

“And we’ve had a really positive response to the first innovation to come out of our international collaboration with Pivotus Ventures. The instant messaging app, iM CUA, allows new or existing members to choose a personal banker to support them through their banking journey and we’ve already had close to 2,000 members sign up to the trial, with really promising early feedback and outcomes.”

For more information on registering a PayID and making faster payments with CUA, visit www.cua.com.au/npp