Hi Bruce,
Currently when you make a payment to someone you need to know their BSB and account details, and payments themselves can take up to three business days to process.
Early next year, the New Payments Platform (NPP) will launch in Australia and will change the way we pay each other.
Osko, created by BPAY™, is the new system Australians will use to send and receive real-time payments using the NPP.
Paying by Osko will mean payments between people are faster, simpler, smarter and more secure than ever before.
What you need to know
Faster
When you’re sending or receiving money, in most circumstances available funds will be received in less than
60 seconds, 24 hours a day, 7 days a week.
Simpler
Customers who pay using Osko can make and receive instant payments to each other via their participating financial institutions. Whether it's splitting the bill at a group dinner or paying a freelancer at the end of a job, paying with Osko will mean payments are faster, easier and more certain than ever before.
Smarter
You can send more detailed descriptions with your payment (up to 280 characters).
More secure
When you’re making a payment using a PayID, you’ll automatically be shown the account name linked to that PayID before you approve the payment, giving you an additional layer of security before paying someone.
When can I register for Osko?
A PayID is a simpler way to identify your account.
When someone needs to pay you you’ll be able to give them your mobile number (for example) rather than your account number and BSB details.
When you register your PayID, you’ll be asked to link your account to one of the following identifiers:
Your Australian mobile number
Your email address