BPAY Group unveils real-time payment service, Osko by BPAY

The peer-to-peer money transfer service will go live on the New Payments Platform end of 2017

BPAY Group, provider of Australia’s leading bill payments scheme, BPAY, has unveiled Osko by BPAY, the first overlay service on Australia’s New Payments Platform.

Before the end of 2017, Osko by BPAY will change the way Australians pay one another. It is the latest innovation in payments and will comprise of three services, the first of which will supercharge the current ‘Pay Anyone’ system. It 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 add 280 character descriptions with their payment, making it easier for both parties to know what the money is for.

Osko by BPAY will be offered to consumers through their bank, credit union or other financial institution. The majority of financial institutions that operate in Australia plan to offer Osko by BPAY either at go-live or soon after, including the four major banks. Additional financial institutions are due to come on board in the following months and years.

Osko by BPAY leverages the New Payments Platform’s addressing service (PayID), which means people won’t need to share 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 people know exactly who they are paying.

The New Payments Platform provides the infrastructure on which overlay services such as Osko by BPAY runs, including networks, messaging and PayID, all linked to the Reserve Bank of Australia’s (RBA) new fast settlement service. Services that utilise the New Payments Platform are being referred to as ‘overlay services’. Osko by BPAY is the first of these overlay services, and when it goes to market in October 2017 will be the only overlay service.

John Banfield, Group Chief Executive Officer at BPAY Group, commented: “We know that banks and other financial institutions want to offer their customers new and innovative services that remove pain-points as they manage, spend and save their money. Osko by BPAY meets these needs. Very soon, rather than waiting hours or days for a payment from someone who owes you money, peer-to-peer transfers can happen in a matter of seconds. This includes in the evenings, weekends and public holidays, as well as being immediately across different banks and financial institutions.”

Banfield continued: “Continuous innovation is a key priority for our business now and going forward. Osko by BPAY is an example of one of the many investments BPAY Group is making throughout the business to drive innovation in the payments industry.”

Osko by BPAY will be available when New Payments Platform goes live in October 2017. BPAY Group will continue to develop and enhance features of Osko by BPAY in the future. In addition, BPAY Group may develop additional overlay services in the future.

BPAY Group was selected to deliver the first overlay service following a highly competitive and open process to identify an innovative, compelling proposition to launch when the NPP becomes operational in 2017.

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