What is Osko? Australia's New Payments Platform is coming
In this third instalment of our news article series on the soon to be launched faster payments service, we’ll be taking a closer look at Osko – the real-time payments service that has the potential to change our lives.
This is the third in a four-part news article series where we’ll give you all the information you’ll need to be ready for the NPP.
View our first two articles:
Update #3 | What is Osko? | When will I use it? | What's not to love? | Terms and conditions are changing
What is Osko?
Osko by BPAY is the user-friendly system we’ll all use to send and receive money in real-time, instead of the current one or two day wait.
Osko will be integrated seamlessly into our Internet Banking and Mobile Banking App, and will allow you to make real-time payments 24/7 between participating Australian credit unions, banks and building societies using a PayID or BSB and account number.
Introducing Osko by BPAY
Osko and PayID
When will I use Osko?
You’re out to dinner with your friend. You had the parmy, they had the lobster, but the restaurant “doesn’t do” split bills… no problem! With Osko, friends will be able to pay you their share of the bill seconds after the waiter brings it over. No more chasing people for money.
What's to love about Osko?
- Faster payments across 50 financial institutions – and more to come
- You can use a PayID to pay and receive money with something easy to remember like a mobile number, email address or ABN. Or you can still use a BSB and account number
- It’s backed by BPAY and us, so it’s very secure
- You can use 280 characters of text and emoji's to describe who’s getting paid and why.
Terms and Conditions are changing
As part of the faster payments implementation, we will be updating the terms and conditions for Internet Banking and our Mobile Banking App.
Every user will need to accept the updated terms and conditions when the New Payments Platform (NPP) launches early 2018. We will let you know when the updated terms and conditions are available for you to read on our website, prior to the launch.
Don’t have our Mobile Banking App? Download it now.