Faster, better ways to pay are coming!
The New Payments Platform (NPP) is a major industry initiative which will revolutionise the way people make and receive payments in Australia. The platform provides consumers, businesses, and government with fast, convenient ways to pay through a versatile, 24/7 payments system.
So whether you’re splitting a bill with friends, sending money to a family member or even paying a trades-person on the spot, the New Payments Platform will mean that you’ll be able to send and receive money almost instantly!
When will it be available?
The platform is a result of collaboration between a number of financial institutions, and the Reserve Bank of Australia. All participating institutions are in the process of performing extensive testing on the platform, with a view to it being available to the public sometime after Australia Day 2018.
How does it work?
To understand how the new payments platform works we need to introduce you to two new services –
- Osko by BPAY
These services use the NPP system to allow you to make and receive payments in near real-time without having to use hard to remember details like BSB and account numbers.
Osko by BPay
Osko is a new way to make payments using internet banking or the myMOVE App. It allows you to send and receive money in minutes with funds available almost immediately - even if the individuals involved use different financial institutions or it’s on a weekend.
Benefits of paying by Osko include
- Faster payments across over 50 financial institutions
- Available 24/7
- Backed by BPay so it’s very secure
- Allows you to use up to 280 characters in the payment reference field so you can provide detailed payment info
If you’re like most people, you probably find it difficult to remember details like your BSB and account numbers. A PayID makes things simple by securely linking the bank account of your choice to a registered mobile phone number, email address, or ABN.
Once you’re set up, you can simply share your PayID with anyone who needs to send you money.
When you use a PayID to make a payment you’ll automatically be shown the name of the person you are paying within your banking application. All you have to do is to confirm it’s the right person before you approve the payment.
Want to know more?
You can find out more about the New Payments Platform, Osko, and PayID here
If you have any questions about the NPP please call 1300 362 216 to speak to one of our friendly consultants.
Osko services will be issued by over 50 BPAY Scheme members. The BPAY Scheme is managed by BPAY Pty Ltd (ABN 69 079 137 518).