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Faster, simpler, smarter payments
AWhat is the New Payments Platform?
The New Payments Platform is infrastructure that enables customers of different banks to make and receive real-time payments, 24 hours a day and 7 days a week. With the New Payments Platform, real-time payments can be directed to either a BSB and account number or a PayID, which can be something easy to remember like a phone number, email address or an Australian Business Number (ABN). You can read more about the New Payments Platform here.
AWhat is Osko?
Osko by BPAY is a payment service that uses the capabilities of the New Payments Platform. With Osko you can pay someone at another financial institution immediately, any time of day or week. You can access Osko from within your internet and mobile banking. Your bank, building society or credit union can tell you if they offer Osko. You can also find out more about Osko here.
ADo I have to use Osko to use a PayID and vice versa?
It depends on who you bank with. Some financial institutions may require you to choose Osko if you wish to pay a PayID. In other financial institutions, the ability to pay to a PayID automatically appears as an option within your usual banking. Overtime we expect other payments products and services to make use of the PayID functionality, so it’s likely you will be able to use your PayID in many places, as well as in Osko.
AIs there a ‘PayID’ company that I can talk to about my PayID?
The PayID addressing service is operated as part of the New Payments Platform, which is managed by NPP Australia Limited. However, for privacy and security reasons, PayIDs can only be registered and managed by participating financial institutions, which is why it is best to speak to your financial institution about your PayID. |