Frequently Asked Questions
Banks, building societies and credit unions have their own plans from now and in to 2018. Search for your financial institution here.
PayID makes payments simpler by using something easy to remember, like a phone number or email address, instead of a BSB and account number. The PayID types available to you depend on who you bank with. If your bank, building society or credit union does not support all PayID types, you can still make and receive payments using a BSB and account number. To find out more about PayID, visit www.payid.com.au.
Osko is a new way to pay someone from within your internet and mobile banking. With Osko you can pay another person at another financial institution immediately, any time of day or week. Your bank, building society or credit union can tell you if you can use Osko, in which digital banking channel, and from which accounts. Find out more about Osko here: www.osko.com.au.
Products and services supported by the New Payments Platform, like Osko and PayID, are gradually rolling out from now and throughout 2018. The best way to find out who you can pay using Osko and PayID is to check with the person or business you are planning to make a payment to. When you make a payment using Osko or a PayID, this payment may include a verification step which will confirm if the person you wish to pay has access to that service.
The New Payments Platform has been built with security and fraud front of mind. Payments made via the Platform can only be made by logging in to your usual secure internet or mobile banking and authorising a payment. For extra peace of mind, if you are sending a payment using a PayID, you will also be able to check the name of the person you want to pay before confirming the payment. To read more click here.
Q. How much will it cost me to make a payment via one of the products or services that use the New Payments Platform?
Pricing for transactions made via products and services on the New Payments Platform is set by the bank, building society or credit union offering the product or service you intend to use. Speak to your participating financial institution to find out more.