Customers will benefit from faster, simpler payments with Bank Australia among the first to connect to the New Payments Platform (NPP). The NPP will include more than 50 participating institutions.
Bank Australia Managing Director Damien Walsh said from early 2018 faster, simpler payments will be here with the introduction of the NPP’s first services: Osko and PayID.
“We’re ensuring our customers have access to Osko and PayID as soon as they are available,” says Damien.
Osko – faster payments
With Osko, customers will be able to send and receive fast payments anytime with funds generally transferred between participating banks in less than 60 seconds. Another feature is that a detailed description (up to 280 characters) can be included with the payment so there’s less confusion down the track.
Pay ID – simpler payments
A PayID makes paying someone or getting paid simple by replacing a BSB and account number with something much easier to remember – a mobile number, email or ABN – which is linked to your transaction account.
Osko and PayID will make our lives easier whether we are splitting bills, paying a tradesperson or sending funds to family and friends.
Existing security features still apply to your accounts such as 24/7 fraud monitoring and as long as you do everything you can to secure your home computer / mobile device and protect your details such as your passwords, PIN and account numbers, you are protected from unauthorised transactions*.
What can you do to prepare for PayID and Osko? Make sure you are registered for internet banking and the mobile banking app and that your mobile number and email details are up to date. We’ll let you know when you can register for a PayID.
Find out more about the NPP, Osko and PayID here: https://bankaust.com.au/osko
*Consider terms and conditions from Bank Australia before using Osko and PayID.