Changes to daily limits in Westpac Live

Transcription

1 Changes to daily limits in Westpac Live Westpac Live now offers 2 customisable payment limits for added security. Simply put, you can: Set a Business Daily Limit for the business. For example, Business Daily Limit $450,000 Set a Daily Payment Limit for each person that transacts on behalf of the business. For example, Daily payment Limit $450,000 Daily payment Limit $200,000 Daily payment Limit $50,000 Individual users can be assigned a Daily Payment Limit up to the value of the Business Daily Limit but collectively, are unable to spend more than the Business Daily Limit. 1

2 Limits The Business Daily Limit The Business Daily Limit is the maximum payment amount your business can make from Westpac Live on any day. All users with access to your Online Banking profile will use the Business Daily Limit when they make and approve payments online. Payment methods which are covered by the Business Daily Limit and Daily Payment Limits include: Pay Anyone payments Same day (RTGS) payments International Payments Bank Cheque requests Restricted BPAY biller payments (BPAY billers to whom funds are released immediately) Administrators of your Online Banking profile can increase the Business Daily Limit up to a maximum of $50 million from the default $10 million, and will need to be registered for either Westpac ProtectTM SMS Code or a SecurID token to be able to manage the Business Daily Limit or the Daily Payment Limits. Cleared funds must be available at least 1 day before a scheduled payment is due. A scheduled payment may be rejected if: There s insufficient available balance in the account. The payment exceeds the daily limit for the payment method, your Daily Payment Limit or the Business Daily Limit. An invalid account is selected. 2

3 Managing the Business Daily Limit Individual Daily Payment Limit An individual Daily Payment Limit is a new concept for business customers in Westpac Live. Administrators now have more control and can specify how much each person with access to your business Online Banking profile can spend in a day. Pay Anyone, Same day (RTGS) payments, International, Bank cheque and Restricted BPAY biller payments will all use an individual user s Daily Payment Limit and also that of the Business Daily Limit on approval. Individual users can be assigned a Daily Payment Limit up to the value of the Business Daily Limit but collectively, are unable to spend more than the Business Daily Limit. 3

4 Whilst Daily Payment Limits must be assigned to users via Online Banking, they are available to view on mobile. Unlike Business Online, you ll now no longer be able to spend more than your Daily Payment Limit in Westpac Live by using a SecurID token. This means you re unable to set your Daily Payment Limit to $0 and still make payments. 4

5 Changes to the way security works Our Westpac Protect Adaptive Authentication technology is a comprehensive real time authentication and fraud detection platform which allows you to make payments to an existing payee without a SecurID token or SMS Code authentication. This means that you won t need to use your security device as often. For added peace of mind, assign trusted users as Approvers so that payments created by others are signed-off before the funds leave your accounts. Users banking on behalf of your business will need either SMS Code or a SecurID token to: Access a Daily Payment Limit above $5,000 (see limits table below) Approve any International Payments and Same day (RTGS) payments Access certain areas in Westpac Live such as User administration and Customer details Users who have a device assigned to them will need their device to approve a payment to a new payee or BPAY biller. However, where no device has been assigned, payments to new payees or BPAY billers will not require a security device. 5

6 Whilst a security device must be assigned to users via Online Banking, they are available to view on mobile. You can see the Security device assigned to you in the Security section of your Preferences screen. See all of your Preferences from the Services & preferences menu. 6

7 As always, our Security Guarantee covers you. As long as you comply with our Online Banking Terms and Conditions, which includes keeping your access codes and passwords private, we ll refund your money if your account is compromised due to internet fraud. Limits table The following table shows the current limits that apply to a user assigned with a security device. Security device Limits applied to user None registered An individual user can have a Daily Payment Limit up to the value of $5,000 and not require a security device to make payments. Westpac Protect TM SMS Code An individual user can have a Daily Payment Limit up to the value of $200,000. Each time a payment is made to a new payee, the user will be asked for an SMS Code. SecurID token An individual user can have a Daily Payment Limit up to the value of $20,000,000. Each time a payment is made to a new payee, the user will be asked for a token code. In all instances the amount individual users spend, where the business has multiple Online Banking users, can t exceed the Business Daily Limit. Things you should know BPAY is a registered trademark of BPAY Pty Ltd ABN SecurID is a registered trademark of EMC Corporation. Read the Terms and Conditions at westpac.com.au before making a decision and consider whether the product is appropriate for you. Transaction fees may apply. Westpac Banking Corporation ABN AFSL and Australian Credit License