IMB Bank among the first in Australia to introduce Real Time Payments

22 December 2017

Hot on the heels of being the first Australian bank to introduce authenticated in-app messaging, we’re on the brink of another exciting development. Banking as you know it, is set to change forever. No more waiting days for a transfer from another bank to hit your account, with the introduction of real time payments in early 2018, you will be able to transfer and receive funds in a matter of seconds. We’re pleased to be one of the first banks in Australia who will offer you this giant leap in technology.

So, what’s all the fuss about? Currently when you transfer money to a friend or a business with an account at another financial institution you’re looking at one to three days for the money to be available. Same goes for money coming into your account from another institution. Well – wait no more. With real time payments you can transfer and receive funds within seconds – day or night, thanks to Osko by BPAY™, a new service that makes real time payments between financial institutions possible.

The best bit? No more remembering BSB and account numbers. Instead, you can register your mobile number or email address and use this as your ‘registered PayID’. Then, all you need to do is provide someone with your registered PayID and they will be able to make payments to your account in seconds. And, it works both ways, if someone provides you their registered PayID you can make real time payments to them. 24/7. Including public holidays. You can even send a message using emojis.

So whether you’re splitting a bill at dinner, sending money to a friend or dealing with someone you don’t know, transferring money is about to get a whole lot easier. And if you’re a business, you can look forward to receiving payments sooner and paying your staff faster.

If changes in banking technology like this sometimes makes you nervous, you can rest assured. Payments are processed securely via IMB’s Internet Banking using Osko by BPAY™, so you know it can be trusted. Read more about Osko and your PayID here.

So, it’s fast, it’s convenient, it’s easy and it’s secure. What’s not to love?

Real time payments will be available in early 2018, but you can get ready now by making sure your details are correct in Internet Banking. Simply log into Internet Banking to check and amend your details. If you don’t have internet banking, you can register here, or call into your local branch.