BPAY Group was selected to offer the first service on Australia’s New Payments Platform and will shortly be launching Osko; a service that will transform the way Australians pay.
What started as an industry response to the Reserve Bank of Australia’s 2012 strategic objectives for Australian payments, has fast become a windfall for consumers and businesses alike.
BPAY Group has spent the past two years working with New Payments Platform participants – who are made up of the country’s financial institutions – on an end-to-end convenience service for their customers.
Businesses and customers will connect to the NPP basic infrastructure to make fast payments into any account in Australia, at any time. The basic infrastructure will support numerous overlay services with Osko being the first.
According to the Osko Product Owner, Cathie Morrison the overlay services layer is where competition, innovation and dynamism in payments will occur.
Osko Payments is just the beginning and we are excited about what will be coming in 2018.
1. What can customers expect from Osko when it’s launched?
Osko by BPAY is a whole new way to pay and get paid. It means faster, flexible, and data-rich payments between individuals, businesses and government. Not only can customers expect their money in under a minute in most circumstances, they will be able to include a meaningful message with their payment (up to 280 characters) and in some cases even use emojis. Addressing payments will be far simpler with the option to use a PayID, which links a bank account to an ABN, mobile or email address. Additionally, BSBs and account numbers can still be used.
2. What are Osko’s key business benefits?
Businesses can get paid faster with Osko and reduce reliance on cash. Over time additional features will be added to directly benefit businesses – in time it will allow a document to be sent with an Osko Payment as well as requesting money with Osko. Osko brings innovation and near real-time payments to every Australian. It makes payments via digital banking faster and more convenient without the need to download a new app or signup to a new service.
3. What is the sign up process for businesses and consumers?
Osko is available through digital banking platforms via financial institutions. In most cases, there will be no additional sign-up process to use Osko. Customers should get in touch with their Bank, Building Society or Credit Union to find out exactly how they get access to Osko.
Author: Catherine Batch, Associate, Brisbane, Payments Consulting Network.