Which Australian banks support POLi
Which Australian banks supported POLi
1. Affordable banks and credit unions
Prior to the closure of POLi in Australia, it integrated with the following financial institutions:
These organizations represented a combination of four large banks (ANZ, CommBank, NAB, Westpac), medium-sized, public and private banks, as well as building societies and credit unions.
2. Why support wasn't universal
Despite the impressive list, not all banks accepted POLi, and some of the big players rejected it for safety and control reasons. Exempli gratia:
3. How wide was the reach
Although POLi covered about 14 financial institutions in Australia, it did not have full network support, covering about 14 of the 16 main banking structures. This limitation reduced its versatility and attractiveness compared to developed alternatives such as PayID.
4. Summarization of information
\ *\Supported POLi (until closure) : \*\*
ANZ, Bank of Melbourne, BOQ, BankSA, Bankwest, Bendigo Bank, Citibank, CommBank, IMB, ME Bank, NAB, Newcastle Permanent, St. George, Suncorp, Westpac.
\ *\Failures : \*\*
CommBank did not officially recommend POLi and stopped processing payments in the summer of 2023.
\ *\Reasons for failure : \*\*
Concerns about data security and the risk of leaking bank account logins/passwords.
5. Result
Although POLi was once integrated with a number of large and medium-sized Australian banks, some of them - notably the Commonwealth Bank - found it risky in terms of security. This, together with the advent of alternatives (PayID, Osko), led to the service being phased out across Australia by the end of September 2023.
1. Affordable banks and credit unions
Prior to the closure of POLi in Australia, it integrated with the following financial institutions:
- ANZ
- Bank of Melbourne
- Bank of Queensland (BOQ)
- BankSA (South Australia)
- Bankwest
- Bendigo Bank
- Citibank
- Commonwealth Bank (CommBank)
- IMB Building Society
- ME Bank
- NAB
- Newcastle Permanent
- St. George Bank
- Suncorp
- Westpac
These organizations represented a combination of four large banks (ANZ, CommBank, NAB, Westpac), medium-sized, public and private banks, as well as building societies and credit unions.
2. Why support wasn't universal
Despite the impressive list, not all banks accepted POLi, and some of the big players rejected it for safety and control reasons. Exempli gratia:
- CommBank reported that they do not have a formal agreement with POLi and recommended that customers use only their own NetBank service to strictly protect banking operations.
- In July 2023, CommBank stopped accepting payments through POLi, and then in September 2023 the service completely closed in Australia.
- In general, the refusal of three large banks played a key role in the decision of Australia Post to terminate the Australian part of POLi.
3. How wide was the reach
Although POLi covered about 14 financial institutions in Australia, it did not have full network support, covering about 14 of the 16 main banking structures. This limitation reduced its versatility and attractiveness compared to developed alternatives such as PayID.
4. Summarization of information
\ *\Supported POLi (until closure) : \*\*
ANZ, Bank of Melbourne, BOQ, BankSA, Bankwest, Bendigo Bank, Citibank, CommBank, IMB, ME Bank, NAB, Newcastle Permanent, St. George, Suncorp, Westpac.
\ *\Failures : \*\*
CommBank did not officially recommend POLi and stopped processing payments in the summer of 2023.
\ *\Reasons for failure : \*\*
Concerns about data security and the risk of leaking bank account logins/passwords.
5. Result
Although POLi was once integrated with a number of large and medium-sized Australian banks, some of them - notably the Commonwealth Bank - found it risky in terms of security. This, together with the advent of alternatives (PayID, Osko), led to the service being phased out across Australia by the end of September 2023.
