Why can’t I register a PayID for my business?
To register, you need to be the owner (proprietor) of a trading entity with the authority to operate a business account that is eligible for PayID.
Can I use my mobile number as a PayID for both my personal and business account?
A single PayID, such as your mobile number, can only be registered to one account. An alternative PayID, such as an email address or ABN, can be registered to another account. We will introduce ABN/ACN as a PayID type at a later stage.
Which CommBank accounts are eligible for PayID registration?
Accounts that can be linked to a PayID include: Society Cheque Account, Business Transaction Account, Accelerator Cash Account, CALIA+, Complete Access, Everyday Offset, Smart Access, Streamline Account, AwardSaver Account, Commonwealth Direct Investment Account, Private Bank Account, Cash Investment Account, Cash Management Call Account, Pensioner Security Account, Equity Unlock Loan for Seniors, Viridian Line of Credit.
Will all of the payments I make be instant?
To make payments to a PayID, you'll need the latest version of the CommBank app. The person you want to send the payment to must also have registered the PayID you use with a participating bank. A payment may be held for up to 24 hours the first time its directed to a sender’s account. This allows fraud security checks to take place. It also gives you time to alert us about any unauthorised or suspicious activity on your account. Subsequent payments should be received in under one minute.
What security measures have you taken to ensure near real-time payments are safe?
We’ve been working with the other Australian banks to ensure that payments are just as secure as the payments you make today. In addition, CommBank customers benefit from a number of security features including:
1 For security reasons, a hold may apply on first time payments.
2 We’ll cover any loss due to unauthorised transactions on your account, as long as you protect your cards, devices, client numbers, PINs, passwords and any other access methods, and immediately notify us of their loss, theft or misuse or any suspicious activity on your account.