2018 marked a very big year for BPAY Group.
Osko by BPAY™ started rolling out in February 2018, bringing fast payments to everyday Australians.
Osko® is the fast and convenient payment service operated by BPAY Group which, as its name suggests, also owns and operates BPAY. United in vision, these services aim to provide Australians the best ways to make payments. However, it is important to know that these are separate services and have different uses.
Osko - Fast & easy payments to anyone
Osko by BPAY is the new way for Australians to make faster, simpler payments to friends, family and even small businesses. Osko is the first product built on the New Payments Platform, the recently-completed payments infrastructure that allows for fast and information-rich payments.
Osko payments allow you to transfer money from your bank account to another person’s bank account fast, even if they are with another bank. Likewise, you can also receive a payment from someone in less than a minute after someone has paid you using Osko, the money is in your bank account and available for you to use.
You might use Osko to pay a friend for some movie tickets or for your share of a holiday. Because the money moves in less than a minute, you could even transfer cash to a friend while you’re still at the table when a restaurant bill arrives and they could use the proceeds to pay the bill. No more running to the ATM.
Benefits of Osko:
- Fast, 24/7 peer to peer payments
- Ability to send up to 280 characters of text with payments
- Option to use either BSB and account number or PayID
- Receive notifications once a payment has been received
- Payments can be made from any account held with a participating financial institution
Osko is in most cases has been built into the existing ‘Pay Anyone’ functionality within participating financial institutions’ online banking. So now when you are paying someone at a bank that offers Osko, the payment will go through in under a minute and the Osko logo will also appear at the end of the transaction to let you know your payment has gone faster.
Osko payments are already offered through over 60 financial institutions, and processed more than 15 million transactions. The service will also grow in the future to contain additional functionality including request for payment.
BPAY - simply manage & pay bills
As convenient as Osko is, it’s not for every type of payment.
BPAY remains the leading household bill payment service for customers (RFi 2018) and the most convenient way for consumers to pay large businesses such as a phone and internet provider or a power company.
Customers just have to look out for the BPAY details on their printed or electronic bills.
When you pay with BPAY you can be confident that your payment won’t be lost among the many millions of other payments a large business might receive.
Benefits of BPAY:
- Easy way to pay bills
- Payments made in banking business hours are marked as paid on that day
- Ability to receive bills online through internet or mobile banking with BPAY View
Another benefit of BPAY is its ubiquity – more than 50,000 billers in Australia accept BPAY payments.
Payments via BPAY are processed and acknowledged as paid on the same day you pay it as long as it is on a business banking day` and within processing cut off times.
In most cases, people can schedule their bills to be paid ahead of time so they’re always paid on time!*
^Options may vary by financial institution. `Banking Business Day means a day on which banks in Sydney or Melbourne are able to effect Settlement through the Reserve Bank of Australia, *Scheduled payments are subject to systems and funds availability. Published by BPAY Pty Limited (ABN 69 079 137 518) (Phone [(02) 9646 9222]). The BPAY Scheme is managed by BPAY Pty Limited. When you use BPAY payment products, the BPAY Scheme is paid fees relating to processing costs and BPAY Scheme membership. Contact your financial institution to see if it offers BPAY payment products and to get the Product Disclosure Statement. Any financial product advice provided by BPAY Pty Limited in relation to BPAY payment products is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Before acting on such advice, you should review the Product Disclosure Statement and consider whether BPAY payment products are appropriate for your personal circumstances.