[stephen_g]

With BPay, you have a biller code (six character number) and a reference (which is longer, like 12 characters - usually this is like your customer number with that biller, so it doesn’t change). Generally every bill you get will have those details on them. It’s free which is nice.

For a regular transfer, you have a six digit number that identifies the bank/branch, and an account number (variable length, depends on branch). You just always use this method and your bank checks whether it’s a BSB at the same bank and does an instant transfer, and if not clears it through the central bank. I think batches run at 9am and 5pm every business day for that.

For those kind of payments, they’re bringing in two new things this year - a new real-time clearing system for small interbank transfers (that is, under like $100k or $250k or something - larger payments you have to use a special system called RTGS), and ‘PayID’ where you can have a mobile number for an individual or your Australian Business Number for a company, and I think internally it resolves back to the account number / BSB (I guess like a DNS system for banks).

[mulmen]

Sounds like the case of a $5,000.00 motorcycle deal on Saturday afternoon still isn't handled "instantly" in the same way a check would be. At least not until the real-time system arrives.