Payments

Payment services functionality
Key benefits of payment services functionality
Domestic funds transfer
Stop cheques
Direct payments

Payment services functionality

• Transfer funds between your own NAB accounts (one debit, one credit).
• Transfer funds from one NAB account to many accounts at NAB or other financial institutions in Australia (one debit, many credits).
• Transfer funds from many NAB accounts to one account at NAB or at another financial institution in Australia (many debits, one credit).
• Transfer funds overnight, within the day or urgently.
  

Key benefits of payment services functionality

• Save time by reducing cheque preparation, reconciliation and mailing, and the need to visit NAB to complete telegraphic transfers
• Save money by reducing bank fees and government taxes
• Reduce the risk of lost cheques or cash
• Enjoy greater control as you can plan when your account will be debited
• Extra convenience as you can transmit payment instructions without leaving your office even after normal banking hours
• Improved operational efficiency as you can import payment files directly from your existing payroll or accounting system.

Domestic Funds Transfer

Domestic Funds Transfer allows you to:

• Transfer funds between your own accounts and make one-to-one, one-to-many and many-to-one payments to accounts at NAB or at other financial institutions in Australia, including salary and supplier payments.
• Choose the payment priority. For example, overnight, within the day or urgently.

Stop cheques

The stop cheques payments request service provides an efficient means to prevent a cheque/s being drawn from your account. Provided the cheque/s has not previously been paid, you can place a stop on a single cheque or consecutive cheques if lost, stolen, unsigned or other.

Direct payments

Direct Payments allows similar payment transfers to Domestic Funds Transfer. However, it is especially useful if you need to:

• Process Electronic Funds Transfer (EFT) files created by payroll packages. For example, Quick Payroll^® or MYOB^®. You can import an existing payroll file to National Online Business to credit employee salaries directly to their nominated accounts
• Process any other payment files that conform to the Direct Entry System standards. For example, Agrimaster^®
• Manually create your own payment instructions to supplement files imported from your payroll or accounting system. For example, if you have full time and casual staff, the full-time payroll file can be imported and the casual payroll file can be manually created on an adhoc basis

To use the Direct Payments service, you must be a registered user of the Direct Entry System and have a Direct Entry User ID.