Regional Australia Bank will be offering its customers the opportunity to use ‘Osko by BPay’ from the day it launches. Here’s what that means for consumers and business people.
Faster, simpler payments using Osko and PayID now available.
The New Payments Platform (NPP) is a major industry initiative to develop new infrastructure for payments. It will provide Australian consumers, businesses and government faster, simpler, smarter payments through a fast, versatile and data-rich payments system.
Regional Australia Bank members will be able to send and receive payments to family, friends and business in near real-time the day it launches.
A PayID is something easy to remember that you securely link to your Regional Australia Bank account - like your mobile phone number or email address. From then on, instead of having to share you BSB and account number, you can use your PayID instead.
With PayID, you can forget the worry of getting other people's bank details wrong. Make a payment using a PayID and you'll automatically be shown the name of the person you are sending the payment to. All you have to do is confirm it's the right person before approving the payment.
Payments made using PayID are subject to Regional Australia Bank's current real-time fraud screening and detection capabilities.
Your PayID can be selected from your contact details in your internet bank so it is first important to make sure your contact details are correct and up to date. The range of PayID types currenctly enabled for Regional Australia Bank members are:
Osko is a new, faster way to pay with your Regional Australia Bank internet banking and mobile banking app. Whether you’re paying a babysitter, splitting a bill with friends at a restaurant or giving money to family for something urgent – the money will be there in minutes.
Goodbye cash. Hello Osko.
A PayID is something easy to remember, like a phone number or email address that you can securely link to your Regional Australia Bank account. Then when somebody wants to wants to pay you give them your PayID instead of your BSB and account number. Simple as!
Osko is a service built on the New Payments Platform which will enable near real-time payments, typically in less than a minute, 24/7, including weekends and public holidays.
Payments made using Osko will allow you to make and receive instant payments between participating banks in Australia using an eligible BSB and account number or a PayID linked to your bank account.
Regional Australia Bank members can register a mobile phone number or an email address.
Regional Australia Bank business members can register an ABN (Australian Business Number ) or a unique company ID.
To register a PayID you first must ensure that you are registered for internet banking and your contact details are correct. You can call the service support centre on 132 067 to assist you with these steps.
To register a PayID:
Once your PayID has been created you can give it to people or companies that need to pay you.
To pay someone using their PayID you can use Osko by BPay.
When you use a PayID with a service like Osko, the name of the person who owns that PayID is shown immediately before you approve a payment. Then all you have to do is confirm the payment.
You can still use a BSB and Account number if you prefer.
As your PayID is linked to your contact details you will need to call the Service Support Centre to update the contact details that have changed.
You will then have to register your new PayID against your new email, mobile phone number or ABN.
Regional Australia Bank service support centre can help you do this. Please call 132 067
If you have already registered your PayID it cannot be linked to another account. Registering a PayID requires a number of steps to prove you are the rightful owner of the information you wish to use for a PayID. Unless a person has these details it will be hard for them to link your PayID to their account.
Regional Australia Bank member will be part of the first group to be able to register a PayID and use Osko. There will be over 50 banks, credit unions and building societies who will be offering Osko and PayID and more will follow later in 2018.
We will provide a list of participating financial institutions here soon.
Osko and PayID payments live within in your internet banking so payments made using Osko or using a PayID maintain the same level of security that already protects your existing internet bank accounts.
PayID payments are monitored 24/7, 365 days of the year.
As always, members should remain alert to the possibility of cons and scams particularly if they receive unexpected requests via social media, emails or SMS for urgent payments or account information.
To report a suspicious activity or payment please contact the Service Support Centre immediately on 132 067