AMP Bank has connected to the New Payments Platform (NPP), enabling our customers to send and receive money through a payment service called single credit transfer (SCT). The NPP is an initiative involving more than 100 Australian financial institutions that allows customers to transfer money quickly and easily.
What does this mean for you?
If you send a payment from your AMP Bank account and it’s eligible, it will be sent in near real-time*. Similarly, if you receive an eligible payment from a participating financial institution, then it will be credited to your account in near real-time*.
You can now send money to a PayID®
We've further uplifted our payment capabilities by adding the option to pay a PayID to our New Payments Platform (NPP). This means that you are now able to send money to a PayID from your AMP Bank account in near real time.
NPP fraud monitoring
Fraud monitoring is applied to your AMP Bank account 24/7 to help protect it against unauthorized transactions. Find out more about NPP fraud monitoring
FAQs
Single Credit Transfer (SCT) is a payment service on the NPP that allows customers to transfer funds quickly and easily. If you send a payment from your AMP Bank account, and it’s eligible to be sent in near real-time*, then it will be. Similarly, if you receive an eligible payment from a participating financial institution, then it will be credited to your account in near real-time*.
Not all financial institutions send payments via SCT so money will not be received in near real-time* from these financial institutions. You can find out the service offerings of each financial institution participating in the NPP by contacting them.
We have a daily customer limit of $5,000 for payments sent in near real-time*. Any transactions (whether individual or cumulative) above this amount will be sent in accordance with our standard processing times**.
To find out more, please go to our ‘What is the maximum daily limit I can transfer from my AMP Bank account?’ page.
There may be several reasons, including:
- To protect our customers, we have limits on the amount of money (our NPP limit) you can send in near real-time*, and you may have exceeded this limit.
- The account you’re transferring to may not be eligible to receive money in near real-time*.
- The account you’re transferring from may not be eligible to send money in near real-time*.
- There was a technical issue preventing the payment from being sent in near real-time*.
- The payment was not made using online banking. Only payments made using online banking that do not exceed our NPP limits are eligible to be sent in near real-time*.
If you want help in understanding more, please contact us.
Our Fraud department may apply a hold for certain transactions for security checks. This gives our fraud officers time to review for unauthorised or suspicious activity on your account.
This new feature is aimed at enhancing our fraud monitoring service and respond to the latest fraud and scams.
If your payment isn’t sent in near real-time*, you may see further transactions appear in your account as we’ve credited the payment back to your account and resent in accordance with our standard processing times** instead.
If you have any questions about transactions appearing in your account, please contact us.
All accounts which enable payments to be received and sent electronically as part of the account features are eligible to receive and send payments in near real-time*.
To find out more about the features of our products please visit our AMP Bank Terms and Conditions page.
While an account may be eligible to send or receive payments in near real-time*, the payment itself must also be eligible. To understand more, please refer to the FAQ ‘Why wasn’t my payments sent in near real-time*?’.
A recurring or periodic payment is a regular transfer of money from your AMP Bank account to another AMP Bank or other financial institution account. These payments are sent in accordance with our standard processing times** and not in near real-time*.
The reference field is used to tell payees what your payment is for and is limited to 18 characters. The description field is a feature of NPP and can be up to 280 characters long, letting you provide extra information to a payee about your payment.
If your payment is not sent in near real-time* it will be sent in accordance with our standard processing times**, in which case the payee will only see the details you have put in the reference field and not the description field.
All our internet and mobile banking transactions are subject to fraud and security protections, including payments sent in near real-time*. For more information on how we safeguard your money, your identity and your transactions, please visit our 'Online Security' page.
It’s regarding a recent payment on your account which our Fraud Team would like to discuss with you. 1300 705 750 is correct and will take you directly to our Fraud Team.
Please double check the number the SMS came from. We will only send messages from +61 437 126 492 and +61 489 988 024.
All SMS for Holding Payments are 1-way and no action will be taken from replies.
This is an automated system that uses SMS with no option for emails and cannot be deactivated for individuals.
A PayID is a unique identifier that is easy to remember such as a phone number, email address or an Australian Business Number (ABN) and provides an alternative to a BSB and account number. It works with the New Payments Platform (NPP) to process payments across participating financial institution in near real time. Please click here to find out more about PayID.
Osko is a payment service offered by BPAY® on the NPP that facilitates the sending of money between participating banks and financial institutions in under a minute. When a payment is sent or received using Osko you will see the Osko branding attached to that payment, letting you know it was received or sent quickly.
At this time, we’ve not enabled customers to send and receive payments using Osko, instead our customers can send and receive payments in near real-time* using SCT.
Important information
Credit and deposit products are issued by AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.
AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice.
® PayID is a registered trademark of NPP Australia Limited.
Footnotes
*Where a payment is sent in near real-time, it may take longer to arrive in some instances, such as where there is a technical interruption to the service or when the payment is subject to additional security screening.
**Standard processing times refer to the below:
- Where a payment is not sent in near real-time, those made before 4.00pm (Sydney time) on a business day will be processed the same day and can take up to two business days to be received.
- BPAY® payment made before 5.00pm (Sydney time) on a business day will be processed that day and the biller should acknowledge the payment on the same business day it is processed (under BPAY® rules).
- Payments made after these cut off times, or made on a weekend or public holiday, won’t be processed until the next business day.