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Teachers Mutual Bank Limited, one of Australia’s largest mutual banks, will today launch the New Payments Platform (NPP) across its three brands: Teachers Mutual Bank, Firefighters Mutual Bank, and UniBank.
The New Payments Platform (NPP) will allow members to send and receive instant payments through their mobile and internet banking services. Teachers Mutual Bank Limited is launching NPP in partnership with end-to-end payments provider Cuscal.
“We’re really delighted to be making the New Payments Platform available to our members. It will completely change personal payments,” said Teachers Mutual Bank Limited’s Chief Executive Officer, Steve James.
“Members of participating banks will experience a new level of convenience in being able to safely and securely transfer money in seconds, whether it’s splitting a restaurant bill between friends, or paying for goods and services, 24 hours a day, 7 days a week.”
“We’re expecting the NPP to be of great benefit to the teachers, firefighters, university students and educators who form a core part of our bank’s membership”, said Steve James.
“Our members are busy enough working, studying and serving the community without having to worry about long transaction times to pay bills or receive money. The instant payments via the NPP will make long transaction confirmations a thing of the past.”
“To make transacting even easier you can create a PayID—a simple address for payments—by linking your chosen bank account to an easy to remember piece of information, such as your mobile phone number or email address. When someone needs to pay you, just give them your PayID—you don’t have to remember, or disclose, your BSB and account number,” said Steve James.
The New Payments Platform will be enabled for every Teachers Mutual Bank Limited member and is available from today for over 193,000 members across its brands Firefighters Mutual Bank, Teachers Mutual Bank, and UniBank.
Cuscal’s Senior Manager, Payments, Nathan Churchward said that the New Payments Platform was a huge leap for the Australian financial services sector.
“We’re thrilled that the New Payments Platform has launched and delighted that Teachers Mutual Bank customers will be among the first to experience it. It really is a revolutionary new system which will change the banking and payments industry in Australia. Now people can receive money into their accounts in seconds, any time of the day or night. This will help overcome those points of friction in payments which we all experience and continue to accelerate the decline in cash usage.”
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