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
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.