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Faster, Simpler Payments Coming Soon

Bank Australia is one of 50 participating institutions connecting to the New Payments Platform (NPP) from early 2018. The first services on the NPP include Osko and PayID – offering faster, simpler payments.

Osko® is a new way to pay using online banking that’s as fast as cash.

Whether you’re paying a tradie, splitting a bill or giving money to family for something urgent - the money will be there in minutes.

With PayID you can forget your BSB and account number – simply use your mobile, email or ABN to receive payments.

You’ll be able to access the service using internet banking or our banking app, 24/7.

What’s not to love about Osko® and PayID?

fast payments

Faster Payments

Send and receive payments within 60 seconds, around the clock - even on weekends.
mobile or email

Easy Transfers

Link your email, mobile or ABN to your bank account, making it easier to remember your payment details.
Backed by BPAY

More Control

Add more detailed descriptions with each payment, so you can keep better track of your money.

 

 

 

 

 

 

 

 

 

 

 

 

How it works

Currently if you want to receive payments from someone who isn't a Bank Australia customer, you’ll usually provide your BSB and bank account number.

Remembering your PayID - instead of these details - could make things much easier.

Because this is a nationwide initiative involving more than 50 banks and financial institutions including Bank Australia, you’ll benefit from payments being processed almost straight away.

You can link one or many PayIDs to one transaction account – which is ideal for joint accounts.

FAQs

What is the New Payments Platform (NPP)?

At the moment it can take up to 3 business days for money to move from one bank account to another when you need to receive money or pay a friend, family member or a business.

Bank Australia is connecting to the New Payments Platform that will help make payments faster and easier in Australia.

Fast: You’ll be able to make payments in near real-time 24/7, with funds being almost instantly available to the payee

Simple: You’ll be able to get paid or send money to someone without having to remember BSB or account details even if they bank with someone else

You’ll also be able to include 280 characters of text with your payment

Secure: NPP payments are subject to the bank’s current real-time fraud screening and detection capabilities.

Soon you’ll be able to link a PayID to your eligible bank account. We’ll let you know when this becomes available.

What is Osko?

Osko provides a faster way to get paid.

Simply give your PayID to someone so they can transfer money to you - the money is transferred within minutes with Osko.  

It’s a great way for friends to pay you back quickly, for example if you cover the bill at lunch and need to receive a payment from a friend. When you receive a payment, you’ll see who’s sent you the money and their accompanying message (up to 280 characters in length).

What is PayID?

PayID provides a simpler way to get paid.

With a PayID you can forget your BSB and Account number. Your PayID could simply be your mobile number, email address or ABN, making it easy to remember.

When this new service launches in early 2018 and you’ve registered for PayID, you can link it to your transactions account.

If you need to pay someone who has also registered for PayID, you’ll only need their PayID to transfer money directly into their bank account. 

Will all payments be sent with Osko?

Not all payments. The payment needs to be between participating financial institutions (there are around 50). Also, if you have a scheduled payment from internet banking it will not be sent via Osko.

If you are a business using internet banking for batch payments, the payments will not be transmitted via Osko. 

How do you register a PayID?

Once the service launches in early 2018, we’ll be in touch to let you know how you can register a PayID.

Are PayID and Osko secure?

Yes, all payments using Osko and PayID are subject to the bank’s current real-time fraud screening and detection capabilities.

Will BSB and Account numbers still exist?

Yes - PayID is simply a new way to pay – it won’t replace regular transfers or BPAY.

If you prefer not to register for a PayID, you can still provide your BSB and account number to get paid by someone. But using a PayID will be easier, and is just as secure.

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