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Choose smarter and faster payments with PayID and Osko.
The New Payments Platform is an industry-wide initiative designed to bring smarter and faster payments to Australia. PayID and Osko are the first services available that allow payments to be made via an email address or phone number with payments being made in real-time.
With PayID, you no longer need to remember complex BSB and account numbers. Simply share your email address or mobile number when someone wants to pay you, or you pay them.
Osko, the payment service by BPAY, is seamlessly integrated with PayID enabling the ability to send and receive near real-time payments. The funds will be transferred almost immediately, even on weekends and public holidays.
No more scrambling to remember your BSB and account number. Use your email address or phone number instead.
No more waiting 1-3 days for payments to clear. With PayID and OSKO your payments are sent or received almost immediately.
Send and receive payments 24 hours a day, 365 days a year, including weekends and public holidays.
Institutions across the banking and finance sector have been working together to ensure the highest levels of security and fraud prevention are in place.
Seamlessly pay your share of a bill at the end of a dinner with friends.
Pay for work completed by a plumber or electrician on the spot.
Kids in a bind? Send funds immediately to their account to help them out.
Looking to offload some old furniture? Make buying and selling easier without having to go to an ATM.
A PayID identifier cannot be used to take money out of an account. It can only be used to receive payments.
QBANK must follow strict identifications steps (like those already in place in the industry) to ensure a person has a right to change information registered on PayID and that they are the rightful owner, or authority, of the account it is linked to.
It’s in everyone’s interest that PayID is safe and secure which is why it is certified to the highest data security standards and monitored 24 hours a day, seven days a week. The PayID also has high security standards and capabilities that must be met by all financial institutions that wish to register a customer’s details on the service, which they can only do with the customer’s informed consent.
This is a digital service that is seamlessly integrated into online banking channels like the QBANK app and internet banking. When transferring funds, you will see an "Osko" option in addition to a "Standard Transfer" option if the person you are paying is registered for PayID and their account is Osko enabled.
When a member registers an identifier with PayID via QBANK, they will be asked to give their identifier a name. This name must be an appropriate representation of the accountholder and must not intend to mislead or confuse a payer. QBANK will have the ability to display this name to the payer during the payment process to confirm that the payee is indeed the person or company they are intending to pay. In many cases, the full legal name of the account holder may also be displayed.
Using PayID or Osko will not incur any additional charges.
QBANK can instigate a PayID Dispute Resolution process. This will enable the disputed identifier to be investigated and assigned to the rightful owner. Please contact us if you are having issues with registering a PayID.
PayID and Osko will be available for all QBANK accounts.
Most fraud in the Australian payments system is CNP (card not present) fraud, when card details are stolen and then used to make purchases or other payments without the card, mainly online.
By contrast, PayID and Osko payments are ‘push’ payments from a bank account, requiring the specific authorisation and approval of the account holder, as opposed to funds which are ‘pulled’ from a card, often without the knowledge or involvement of the cardholder, such as CNP payments.
Australian financial institutions have very good fraud detection, screening and alert systems and PayID and Osko will incorporate these capabilities. At the same time, consumers are likely to see mechanisms such as biometric (fingerprint) login protection and two factor authentication used at certain times, for instance for payments made to a first-time payee, or over a certain amount.
PayID and Osko have been built to support Australia’s domestic payments capability. That’s not to say this won’t evolve and expand over time.
More information about the New Payments Platform, PayID and Osko can be found on the NPPA FAQ Page.
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