A new way for Australians to pay

Osko by BPAY, the latest innovation from BPAY Group, will transform the way people pay each other. Previously known as the Initial Convenience Service (ICS), Osko by BPAY is the first product to leverage the capabilities of the New Payments Platform (NPP) including PayID and the RBA’s Fast Settlement Service.
 
Osko by BPAY encompasses three services: the first service, called ‘Payment’, will enable people to pay in real-time with funds available almost immediately, regardless of their different financial institutions and time of day or week. It will also enable people to send a 280-character description with their payment, making it easier for both parties to know what the money is for.
 
Subject to industry testing, this service is anticipated to go live at the end of 2017, and will be followed by additional services ‘Payment with Document’ and ‘Requests’.

Osko by BPAY will be offered to consumers through their bank, credit union or other financial institution. Over 70 institutions will offer Osko by BPAY either at the end of 2017 or soon after, including the four major banks. 

 

Osko services

How it works

Consumers will be able to access and use Osko by BPAY through their existing digital banking channels, making it easy to access alongside their existing banking service. Each financial institution will tailor the experience to best meet the needs of their customers. Any consumer who banks with one of the 71 participating financial institutions will be able to use the service, although not all institutions are making all services available in October 2017 when the NPP goes live.

Osko by BPAY leverages the NPP infrastructure including PayID and the RBA’s Fast Settlement Service. With PayID, consumers don’t need to disclose their BSB or account numbers, and can use more memorable information like their email address or phone number to make and receive payments. The PayID name will be visible before the payment is made, so they know exactly who they are paying.

To find out more about NPP and PayID visit: www.nppa.com.au

 

 

What are the benefits?
Consumers
  • Pay in real time, with cleared funds available in less than a minute, at any Financial Institution, using someone’s email or phone number
  • Confidence in a fast, secure and reliable payment service
  • 280 characters allows for a more accurate payment description
Small business
  • Faster payments
  • Better cash flow and less time chasing and reconciling payments
  • Simple to sign up and start using, integrated into digital banking platforms
Large businesses and government
  • Real time payments (including a statement), delivered securely, with a complete audit trail
  • No more uncashed cheques, and no more customer support calls to find out what a payment was for
  • Customer delight with the service’s speed and reliability
The economy
  • Osko by BPAY will kick start innovation in the payments industry
  • This will go a long way towards replacing cheques and low-value cash payments
  • Performance and productivity improvements, from easier payment reconciliation to the delivery of rich payment information
 

 


How is Osko by BPAY different from BPAY? Will it replace BPAY or BPAY View?

Osko by BPAY is a complementary service to BPAY and BPAY View, addressing new and alternative ways for Australians to pay. It is a person-to-person payment service.

BPAY Payments is a consumer-to-organisation bill payment service and BPAY View is a bill presentment service.

Unlike BPAY Bill payments, Osko by BPAY does not provide data validation or payment reconciliation for businesses.

How do we differentiate BPAY and Osko by BPAY to end consumers & employees?

For example:
BPAY is the easiest way to make bill payments. It’s packed with smart features to make paying bills less complicated like bill scheduling. And if you run a business, you’ll love the easy reconciliation and powerful features like batch payments. With BPAY View you can make bills even easier to manage by getting your bills and statements sent straight to your online bank. So, you can view, pay and store bills securely and with the convenience of your online or mobile bank using BPAY.

Osko by BPAY is an innovative payment service which allows Australians to make and receive faster payments to each other via any participating bank. Rather than waiting hours or days for money from someone, and who happens to use a different bank, your money can now be moved in real-time with cleared funds in under a minute. Osko by BPAY could be used when paying at a group dinner, socialising, or even paying a plumber on the spot. Osko by BPAY enables payments to one another more conveniently than ever before. And, with PayID you can use more memorable information like an email address or phone number to make and receive payments rather than a BSB and Account number. The person’s PayID name will be visible before the payment is made, so you know exactly who you are paying.

How secure is Osko by BPAY?

As Osko by BPAY is implemented through the financial institutions’ online banking channels it meets all the security demands applied that financial institution.

What is PayID?

PayID, also known as the Addressing Service, is the component of the NPP that enables users to register an easy-to-remember identifier to an account. A user will be able to provide their identifier, such as an email address or phone number, to registered users to make and receive fast and easy payments.

When users send payments through Osko by BPAY to a PayID, funds settle in real-time with close to immediate funds availability, regardless of financial service provider. To find out more about NPP and PayID visit: www.nppa.com.au

What does the name Osko by BPAY mean?

BPAY conducted consumer research and went through extensive branding exercises with multiple specialist agencies before deciding on the name Osko by BPAY. The BPAY name will be used to support the new brand as it becomes established to share the reliability, trust, and expertise in payments that BPAY has become synonymous with.

 

For more information

To read more about BPAY being selected to deliver the first overlay service on the NPP, the ICS, see the BPAY media release and the APCA media release. You can also speak to your Financial Institution BPAY Account Manager or contact the ICS Project team via: ICS.ProgramOffice@bpay.com.au