What are Fast Payments?

Fast Payments refers to all online domestic payments made using the New Payments Platform.

When you use ‘Pay anyone’ in the NAB app, NAB Internet Banking or NAB Connect, using either a BSB and account number or a PayID®, your funds will settle in under 60 seconds. If your funds are transferred using Osko®, the payment will be settled in 15 to 30 seconds.

Osko is an overlay service that uses the New Payments Platform and is backed by BPAY®, so you know it’s secure to use. We’ve signed up to Osko payments to make it quicker and easier for you to send or receive money transferred online within Australia. We’ll attempt to settle payments using Osko first and if not possible, will use Fast Payment.

You can see a full list of participating banks on the New Payments Platform Australia’s website.

Benefits of Fast Payments

Send and receive money faster

Funds transferred between participating banks using Fast Payments are processed in less than 60 seconds, 24 hours, seven days a week in most instances.

Easier payments with PayID and PayTo

Create and provide a PayID instead of your BSB and account number to pay and get paid more easily. Once set up, you can also create a PayTo agreement with billers instead of setting up a direct debit agreement.

Secure way to pay

Fast Payments and Osko payments are secure, protected by our real time transaction processing and monitoring capability whether you use a BSB and account number or PayID to send your funds.

How Fast Payments work

  • Use either a BSB and account number or a PayID to send and receive a Fast Payment.
  • Send and receive money to and from a personal or business account.
  • Both payer and payee accounts need to be enabled for Osko payments (our accounts are enabled).
  • Other participating financial institutions may only allow Fast Payments if their customers pay using your PayID.
  • Send more detailed descriptions of up to 280 characters and your payee will see the full description.
  • Payments are processed in less than 60 seconds, 24 hours, seven days a week in most instances. If your payment is time critical, you should always check your payment status.

How to make and receive Fast Payments

  1. To receive payments create a unique PayID to give to the sender, or continue to use your BSB and account number.

  2.  When sending money to someone, ask them for their unique PayID, or continue to use their BSB and account number.

  3. If using the NAB app or NAB Internet Banking to transfer money, select ‘Pay anyone’ from the Transfer & Pay menu.

  4. If using NAB Connect to transfer money to eligible payee accounts, select ‘Pay anyone’ and then ‘Fast’ from the Payments menu.

  5. Use the detailed description field to enter and send up to 280 characters for your payment descriptions.

  6. On your receipt screen, we’ll confirm whether the payment was sent using Osko or not.
Learn how to make a one-off payment

If something goes wrong

  • If we’re unable to make your payment as a Fast Payment, we'll usually tell you at the time that you're making the payment.
  • In the NAB app, we’ll automatically resubmit a Fast Payment if it can’t be processed because the payee’s account isn’t eligible for Fast Payments. When the payment is resubmitted the payment will be processed overnight or the following business day (depending on processing cut-off times).
  • When the payment is successfully processed, your payee will only receive the reference. If you haven’t entered a reference, the first 18 characters of the description will be passed on to your payee.

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Explore recommended guides

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Terms and Conditions

For more information and full terms and conditions about Fast Payments, PayIDs and Osko Payments please refer to your eligible account Terms and Conditions or Business Products Terms and Conditions.

NAB app and NAB Internet Banking

These products are issued by National Australia Bank Limited.

NAB recommends you consider the  NAB Internet Banking terms and conditions document, before making any decisions regarding this product.

The NAB Mobile Banking app is compatible with Android and iOS, minimum platform requirements apply. Android is a trademark of Google LLC. The Google Logo is a registered trademark of Google Inc. iOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license.

NAB Connect

Please read the Terms and Conditions and NAB Connect Fees and Charges (PDF, 90KB).

BPAY® and Osko® are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518.

PayID is a registered trademark of NPP Australia Limited.