The direct entry system carries the majority of consumer payments by value.
Direct entry is a convenient, safe and reliable way to send and receive payments.
The system is commonly used by businesses to make recurring, automated payments to and from everyday transaction accounts. These include salary and welfare payments (direct credits), insurance premiums and utility bills (direct debits), and internet (Pay Anyone) banking services.
To make and collect payments, a business needs to be approved as a direct entry user by a financial institution. To set-up direct debit arrangements, customers complete a Direct Debit Request (DDR) authority with the business that will be collecting payments from their account.
We coordinate the rules and processes for direct entry payments though the Bulk Electronic Clearing System (BECS). Other payment systems for electronic transfers are operated by BPAY and PayPal.
Same-day settlement was introduced in November 2013 to reduce risk and improve efficiencies.