New Payment Platform - Osko, NPP, PayID etc.

[338]

Spot on Andy, I love that it is our choice and fault. Plus social engineering is the most successful form of hacking, you can imagine the phone call now ' Hi Bob Smith from PayID calling about your account, we have noticed some unusual activity, can i confirm your name and password before we continue?'

Another pet peeve of mine is the banks promoting how great they are at getting money back if your card is misued. They just grab it back from the retailer! They wear nothing! The retailer accepts the sale, the bank then approves the card transaction. Problem after, well they just grab it back and say it is all in your agreement.

[Andy]

And this story broke on the same day the NPP released their QR code standard as another interface to use (and protect).
I think they thought it was going to be a good news day.

-- NPP-QR-Code-Standard_v1.0_May-2019.pdf

[Andy]

I read about that last night and thought of this thread.


From another article:

“No financial details or credentials are available from the PayID database, and therefore none of these details have been compromised,” the spokesperson said. “The only details obtained have been the account name which was designed to be returned to a legitimate enquiry.”

Yeah, yeah, minor damage for most people when someone can link a mobile phone number to a name but a big trust issue and just think of the spammers and scammers, they would love a clean list of numbers with full names not found in the phone book.

The one I loved in the SMH article was:

"While unfortunate for the individuals involved, the discussion highlights the choice and benefits to be considered by users when they opt in to create a PayID."

It's all your fault you stupid customer!

[338]

New payment platform

- new ways to hack it

https://www.smh.com.au/business/bank...03-p51u2u.html

[Yelta]

Yes, Wednesday 12.54 I got message saying money was in. But it was a normal (non osko) transfer. So maybe took 3hrs?
But as mentioned above, I use a small member owned bank.

My payments to beanbay are still going non osko as of yesterday.

I'm surprised it went through that quickly, as I commented earlier, plenty fast enough for me.

Thanks for confirming Jack

[Jackster]

Yes, Wednesday 12.54 I got message saying money was in. But it was a normal (non osko) transfer. So maybe took 3hrs?
But as mentioned above, I use a small member owned bank.

My payments to beanbay are still going non osko as of yesterday.

[Yelta]

All types of transfers have sped up (for me) in last 12mths or so. Certainly better service!

As a matter of interest Jackster, I transferred payment for the pump Wednesday mid morning this week, you shipped Thursday, had you received the funds when you shipped?

[Jackster]

All types of transfers have sped up (for me) in last 12mths or so. Certainly better service!

[rusty888]

Just my two cents. I’ve notice with my business payments - I’m with Anz that the first transfer is normal, then if I go to send again to them it recognises that’s Osko is available and sends it through that platform. I don’t choose but it’s never converted the first payment.

[Andy]

Unsure about "few days" for payments to go through, most of mine through NAB seem to go through within 24 hours, plenty fast enough for me.

Well... not quite. A NAB payment at 6pm on a Friday won't appear in our account till Tuesday, in fact, Wednesday if Monday was a public holiday in Sydney (Westpac observes Sydney holiday's even though you are in SA and I'm in VIC). The current system is pretty messy.

The NPP transfer is about a minute (according to their blurb) it's just the first payment to a new person might take 24 hours odd. After the first one, it's near instant.

I do wonder if the first payment to a person is "system wide", ie: after the first person sends money to CoffeeSnobs will that mean that everyone else is instant?!?!?!
It's all smoke and mirrors with very little public detail on the mechanics behind the institution handshakes.

[Yelta]

Unsure about "few days" for payments to go through, most of mine through NAB seem to go through within 24 hours, plenty fast enough for me.

[matth3wh]

It wasn't till we nudged them they found out.

Very sorry to hear that Andy. Sounds bizarre that the banks are bungling the system for those involved and making it a headache for business :-(

Positive reinforcement bias on my side I'm afraid as I've been sheltering in a state of blissful ignorance :-D

Just re-reading my comment above... for clarity I was meaning a royal "you" and not anyone specific... as in, why wouldn't we all want a system where we get the money faster :-)
Frustrates me that BPAY system takes several days for payment to go through and that banks often have your money in limbo for a few days during bank transfers as they move the money around.

Hopefully they get it all sorted out.

[Andy]

Had a CS'r yesterday and another today who's banks quietly bounced the payment (both different small banks).

It wasn't till we nudged them they found out.

[matth3wh]

Intrigued to read this...

Been using it for a long time via ING and never had an issue.

Didn’t think it would let you send to anyone without it. Doesn’t make sense if they haven’t setup in the system.

Why wouldn’t you set up a way to get payments around quicker rather than waiting the day(s) for transfer to complete?

Found it handy so far.

[Yelta]

Could set it up through NAB if I felt the need.

Bank funds transfer does all I want.