Intra-day payment processing

Everything you need to know

Posted March 2024

What is Intra-day payment processing?

All incoming and outgoing payments are processed within a few hours, rather than overnight. This happens 7 days a week and on Public Holidays.

Payments processed before 10 p.m. each day will show at the receiving bank within a few hours, if they process Intra-day payments, too.

What is the cut-off time for incoming and outgoing payments to be processed each day?

The cut-off time will now be 10 p.m. each night, (this was previously 6.30pm).

If the payment is transacted after 10 p.m., the funds will be processed and sent to the external party the next day at 7 a.m. 

What does this mean for Unity members?

Benefits/wages/income may now be paid earlier. This is due to the Intra-day files being processed more frequently.

For example, if benefits/wages/income used to be received early on a Tuesday morning, these funds will/could now be received on a Monday afternoon/evening as part of the Intra-day file processing (the timing of funds being deposited into accounts is dependent on the time these funds are sent to Unity from the sending bank).

What about Automatic Payments, Direct Debits, and Loan payments?

These will still run on the day they are currently set up on. For example, if they are due on Tuesday, there will be no change to this. 

If wages/income are deposited on a Monday afternoon, you will need to leave the funds for Automatic Payments, Direct Debits and Loan payments due on Tuesday. Or change the day your Automatic Payments and Direct Debits are debited so they align with when the income is now received.

Unity Loan payments paid by Direct Debit will remain the same as they are now. Extra or represented Direct Debits, however, will be debited on the current day, instead of having to wait until the next day.

Current:  Benefit credits account on Tuesday morning and Automatic Payments and/or Direct Debits are debited, and I'm left with the balance.
Intra-day: Benefit credits account on Monday evening at 4 p.m., 6 p.m. or 8 p.m. Money needs to be left in the account for Automatic Payments and/or Direct Debits which are set up to come out of the account on Tuesday morning.

How often will Intra-day payments be run each day?

The first incoming payment file will commence at 6 a.m. and the last outgoing payment file will be at 10 p.m.

Payment files will be sent every 2 hours between 6 a.m. – 10 p.m.

If I made an error when making a payment, can the payment be reversed?

No, it is not possible to reverse any payments.  As payments are sent more frequently, we are no longer able to reverse payments.

If an error occurs, you must complete a DCR (Direct Credit Recovery). These will generally be for:

• Duplicate Payment
• Incorrect Bank Account Used
• Fraudulent Payment
• Funds not Returned, or
• Bank Error

Any requests for Direct Credit recoveries must be made within 120 business days of the original transaction.

Is there any change to internal payments between Unity accounts?

No, there is no change to the current processing of internal transfers/payments.