Real-time transfers launching in October with BPay's Osko

The first service to support the New Payments Platform has been revealed.

The first real-time payment service will use mobile numbers for bank transfers when it launches in October this year.

The SMH reports the first real-time payment service will come from BPay, the company behind the widely-known bill payment service, and it will go by the name 'Osko'.

BPay, which is jointly owned by the big four banks, won a competitive tender to launch the first "overlay service" to work on Australia's New Payments Platform (NPP) in late 2015.

Transfers will happen in real time and can be performed without knowing bank account details, Adrian Lovney, the chief executive of New Payment Platforms (NPP) told the SMH.

"Bank accounts will still have a BSB and account number, but their PayID is a friendlier handle or address for their underlying bank account. So that could be their mobile phone number, or an email address, or an ABN or an ACN."

Current payment transfers can take up to three business days to clear. The NPP will change this by processing payments in near real-time, even over weekends and public holidays.

Osko is planned to be the first of many services expected to support the new billion-dollar payment platform.

The service will reportedly launch in October with support from 70 financial institutions, including all four major banks.