Pay and receive rent on the New Payments Platform (NPP)
The NPP is coming on the 11th March 2019!
The New Payments Platform enables people to transfer money (normal Australian dollars) instantly from one bank account to another, in real time 24/7, 365 days a year. It's amazing.
Instant bank transfers on the NPP are initiated by the tenant inside their own bank account. However instead of paying a BSB and Account Number tenants must pay to a 'PayID' and use a special reference number provided inside their Cubbi dashboard.
It's still fairly new so you need to check if your bank (or financial institution) offer NPP-enabled payments and services here.
To accept rent paid by your tenants you may need to set up a PayID (through your bank) linked to the bank account you have listed in Cubbi. Ask your bank if you need to set up a PayID to receive payments on the NPP.
If your bank does not offer NPP-enabled payments, 1-2 day transfer times into your bank account will stay as normal.
To pay rent on the NPP you may also need to set up a PayID (through your bank) to register for NPP payments. You should also check out the NPP daily limit as many banks have a different limit set for normal transfers vs NPP. For example at the moment ING have a limit of $1,000 by default for NPP but a different limit for normal transfer. So if you're rent is due monthly you will need to increase the daily limit for NPP payments.