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Family First Credit Union launches instantaneous payment scheme

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Family First Credit Union successfully launches instantaneous payments via the New Payments Platform (NPP)

It is with great delight that Family First Credit Union has successfully launched instantaneous payments on Tuesday 13 February 2018.

This time a month ago, instantaneous payments were able to be received into and made from a Family First Credit Union account.

This initiative, launched under the guidance of NPPA, saw a total of 51 financial institutions offer this service from Day 1.

Chief Executive Officer Darryl Macauley advised that "this was a ground breaking change for the payments landscape having been developed over the past 4 years. The fact that Family First Credit Union can offer this facility from Day 1 whilst some notable larger institutions like the ANZ Bank and St George Bank could not, is a great testament to what we are trying to achieve in offering our members the most up to date product range and functionality when it comes to their day to day banking needs. This payment facility, referred to NPP or an OSKO payment, is world class with no other payment system in the world like this. No longer does a Family First member have to wait 24 - 48 hours for either a payment to be made from or received into a financial account as this will now take roughly 6 seconds".

The NPP is also built around the functionality of creating a PayID for your account. This effectively means that no longer will you be required to remember a BSB and Account Number however you can send the payment to a mobile phone number, email address or an ABN which is directly linked to that account.

Darryl Macauley, Chief Executive Officer of Family First Credit Union advises all of its members "to create a PayID on their Family First Credit Union Account. This will ensure that you will be able to receive payments into your Family First Credit Union Account within 6 seconds of them being sent. Members can do this themselves over both internet or mobile banking or alternatively contacting us on 1300 369 900 or calling into your local Family First branch whereby a friendly Member Service Officer can create a PayID on your behalf".

For more information relating to the NPP facility or OSKO payments please click here.

For more information regarding PayID, click here.

For more information regarding NPPA, click here.