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New Australian payments platform launched Featured

A new payments platform, which will be used by about 60 financial institutions, credit unions and building societies to effect financial transactions across Australia, has been launched.

A list of the institutions is available on the NPPA website.

A statement from NPPA said consumers and businesses would be able to

  • transfer money instantly between accounts at different institutions at any time;
  • include more information along with the payments; and
  • use a PayID which lets one see the name of the payee before payment is sent.

The first product to be built atop the platform is Osko, a person-to-person payment utility from BPay. A statement from BPAY said more than a million dollars had already been transacted since it went live this morning.

Each participating financial institution has integrated Osko in their own way into its existing banking experience to best meet the needs of its customers.

Osko will be found where people would normally pay someone with a BSB or account number, "Pay Anyone", or "Pay Someone" in either online or mobile banking.

The NPP platform went live in November last year and the public launch was early today.

iTWire has asked NPPA for a list of the 60 financial institutions participating in the platform.

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

 

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