What is PayID?

PayID is a service that allows you to use a unique identifier (such as your mobile number) and link it to one of your eligible accounts to receive NPP real time payments. Your PayID can only be registered to one account at a time. For example, if you register your PayID to your personal transaction account then any payments made to your PayID will be paid into that account.

After you create a PayID you can simply tell payers to make payments to your PayID instead of having to remember your BSB and account number.

It’s optional to set up a PayID so you can bank as normal without one.

Why use PayID?

There are many benefits to creating a PayID to receive real time payments, including:

  • Fast – you can receive funds in near real-time
  • Easy – no need to remember your BSB and account number to get paid
  • Convenient – it is available 24 hours a day, 7 days a week, 365 days of the year
  • Secure - NPP uses world leading technology certified to the highest data security standards.

Is it secure?

All financial institutions offering PayID must meet strict requirements.  This includes the capability to detect and respond to fraud in real time.  Macquarie’s established fraud controls also apply to NPP (New Payments Platform) real time payments and we actively monitor for suspicious activity. 

What’s the New Payments Platform?

The New Payments Platform is a financial services industry initiative to modernise payments in Australia. The centralised platform facilitates real-time settlement payments between participating Australian financial institutions. 
Macquarie is one of over 100 Australian financial institutions connected to the New Payments Platform, where clients who hold eligible accounts at registered financial institutions are able to make and receive payments in real-time, 24 hours a day, 7 days a week.

OSKO is an overlay service which operates using the New Payments Platform that allows you to receive real-time payments to your PayID or BSB and account number that are initiated from other financial institutions. Please note that OSKO has only been enabled for inbound payments made to Macquarie Transaction (including Offset), Savings, Business Savings and Cash Management Accounts.

Please note, PayID is only available for the following Macquarie accounts such as:

  • Macquarie Transaction or Offset Account
  • Macquarie Saving Account
  • Macquarie Business Savings Account

How to set up your PayID

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