NAB have announced a massive upgrade is coming to banking services. This will dramatically change the way we think about transferring funds, adding new payees and improvements to the reporting on transactions.
The first major upgrade is Faster payments. NAB customers wil be able to send and important receive fast payments, on funds transferred between participating banks. We’re all pretty used to paywave transactions taking multiple days to resolve or even deposits in the brand taking a day or two to clear and appear in our online banking.
With Faster payments, NAB says the transfer will take place in under 60 seconds, 24/7. That’s a night and day upgrade to what we have today. The last part of that statement, means that we can transfer on the weekends, just as we would on a weekday, that’s massive and reflects how consumers and business want and should be able to move money around in a modern, 21st century economy.
Next is the Simpler identification. This one works by aggregating a BSB and account number combination into a single PayID. This unique identifier is linked to your transaction account and like PayPal, can be your email address, but you also have the flexibility to make it your mobile number or even your ABN.
Smarter payment information is all about expanding the transaction description field up to 280 characters. These description fields have been prohibitively short, meaning you end up with many of the same. Taking a leaf out of Twitter’s book, NAB’s 280 characters will allow you to personalise each transaction, ensure you have the detail necessary to quickly find individual purchases in your future statements.
All these new features are slated for a release in early 2018. At launch, you’ll be able to create your PayID on NAB Internet Banking, the NAB Mobile Banking App or NAB Connect.
This is very welcome change by the National Australia Bank and one that’d be welcomed by any other Bank in Australia. You can get more information at NAB.