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.
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.