Xuveo Legal now accepts payment of invoices and trust account deposits via PayID. For details on how to pay using PayID, please see the information accompanying your next Invoice or Trust Account Deposit Request.
What is the New Payments Platform (NPP)?
The New Payments Platform (NPP) is developed by the banking industry and Reserve Bank of Australia.
Launched in early 2018, the NPP system promises:
- faster - almost instant - transactions
- the ability to use a unique PayID instead of traditional BSB and Account Numbers
- better security through identification of payees
- the ability to transmit additional data to the payee during a transaction
What is a PayID?
A PayID is a unique identifier that is linked to a single bank account. A PayID can be an email address, mobile phone number, ABN (Australian Business Number) or ACN (Australian Company Number). A PayID should be easier to remember than traditional BSB and Account Number, and thus would be less vulnerable to typos and incorrect entry.
To make a payment using PayID, the Payer only needs to remember the PayID. Entering a BSB and Account Number is not required. When entering a PayID, the identity of the payment recipient is displayed to the Payer - this provides an additional confirmation that the payment is going to the correct recipient.
How do I get a PayID?
PayIDs are being rolled out from early 2018. Contact your financial institution for more information or to set up and use your PayID.
You can also visit the official PayID website.
Don’t have a PayID yet?
Don't worry: Xuveo Legal will continue to accept traditional electronic funds transfers using BSBs and Account Numbers.
Mt Gravatt East Qld 4122