Payments in your Internet Banking are about to get faster. Hello Osko!
Osko by BPay
Two decades ago, paying bills got much more convenient. Rather than paying in cash, mailing a cheque, or slowly reading out your credit card details over the phone, people could hop online and use BPay. Regional Australia Bank will soon be launching Osko by BPAY; a complimentary service to BPay that enables people to pay each other faster, simpler and safer than traditional transfers.
Osko and the New Payment Platform
Australia’s financial institutions have spent half a decade developing a cutting-edge payment system. It’s called the New Payment Platform (NPP). Among other things, the NPP allows payments to be made and received in real time (or close to it) 24/7, 365 days a year.
While the average person will not come in direct contact with the NPP, they will have access to new ‘overlay services’ launched on the NPP. ‘Osko by BPay’ is the first overlay service to be launched on the NPP and it seems destined to be shortened to ‘Osko’.
In a digital economy where we are all connected there is a growing expectation of things to be instant. The current system that supports payments works well but it is 50 years old and we all know how frustrating it is waiting 48 hours, over weekends and public holidays for your money to arrive in your bank account. Now, with Osko and the NPP, we can send and receive funds instantly.
Forget your BSB and account number. Get a PayID
Speed isn’t the only major advance of the NPP and Osko. Rather than needing hard-to-remember BSBs and account numbers, Osko users can make transactions using a ‘PayID’. This can be their mobile number, personal email or ABN.
As well as avoiding those BSB and account ‘goldfish’ moments, a PayID makes things simple by securely linking to the bank account of your choice, and when used, will automatically display who the PayID is linked to so you can avoid paying the wrong person.
We all have that friend who is the first to avoid paying up but can become a constant nagger when they are chasing you up for money. With Osko and PayID we can throw away the all too common “just fix me up later” or “I’ll message you my account and BSB” and instead, pay and get paid instantly with a simple “My PayID is my mobile number, Just Osko me!” - No fuss, no excuses!
Speaking of which, if you are a Regional Australia Banking member, it’s a good time to start thinking about what you want your PayID to be and ensure you have updated your contact details. Update your details in internet banking or call us on 132 067.
Are Osko and PayID safe and secure?
You might think the increased convenience of instant payments and using, for example, your phone number as your PayID comes at the cost of safety. It is in everyone’s interest that PayID is safe and secure which is why it is certified to the highest safety levels and is monitored 24/7. Osko and PayID will live inside your internet banking which also have high standards of security and real-time fraud screening and detection capabilities.
2018 - The year Osko takes off?
Australians have long been early adopters of new technology, and with mobile phone usage almost universal this looks set to be the year they take advantage of a more convenient way to pay and start to ‘Osko’. This should make everything from socialising with friends to staying on top of the reno-related bills to working out exactly where the household’s or business’s money is going to (and coming from) much easier.
What is a PayID?
A ‘PayID’ is a memorable piece of information such as your phone number or email address that makes it easy for you to send and receive payments with us, so you’ll no longer need to remember your account number and BSB for payments. It is a friendlier handle or address for your bank account details.
For Personal Banking a PayID can be your phone number or email address.
For Businesses, a PayID can also be an ABN/ACN or Organisation ID.
By registering your Regional Australia Bank account you’ll be able to take advantage of the new way to pay and get paid as soon as the service becomes available.