Home Strategy New Australian payments platform launched

New Australian payments platform launched

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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A professional journalist with decades of experience, Sam for nine years used DOS and then Windows, which led him to start experimenting with GNU/Linux in 1998. Since then he has written widely about the use of both free and open source software, and the people behind the code. His personal blog is titled Irregular Expression.