How Osko will speed up the way we make and receive payments
New technology provides a host of opportunities, and here at Beyond Bank we’ve got one eye firmly set on the future to ensure we’re providing the very latest and greatest. That’s why we’re proud to be one of the first banks in the country to participate in the Australian banking industry’s New Payments Platform (NPP). The first service within the NPP is called Osko, and when it launches in early 2018, Beyond Bank customers will be able to enjoy an incredible suite of benefits that quite simply revolutionise the banking experience.
Osko will give customers the opportunity to receive money faster. As an example, if you urgently need money or if your friends owe you money – they will be able to transfer within minutes to your account. Osko will make this easier, more convenient and faster than giving them cash!
The problems with sending money to people
The Reserve Bank of Australia’s 2016 Consumer Payments Survey reveals that, despite an increase in transfers by online banking and mobile apps, cash is still the most common way of making payments to friends and family, going against the larger trends in the survey which show that cash use has decreased every year since 2007. Why?
Well, the simple answer is that online money transfers aren’t always quick enough when it comes to paying someone, sometimes taking up to 72 hours. Let’s take a look at a classic situation where this can be a problem; splitting the bill for dinner with your mates after a night out.
Bill splitting: The challenges
We all have those friends who are lovely to spend time with, but complete pains when it comes to splitting the bill. There are the ones who forget their wallets and promise to pay you back, or the ones who are happy to pay for everything and let everybody else give them cash. Then there’s the question of splitting itself. Do you divide the bill evenly into quarters if there are four of you, or do you each pay for exactly what you ordered and not a cent more? Not to mention, at some restaurants they won’t even let you split the bill at all.
Nobody likes having to chase their friends to pay them back for dinner, or waiting for what seems like hours while each member of a large group goes up to pay for their individual dish, drink and dessert.
The NPP provides a solution to all of these challenges, and it’s all thanks to a handy feature called PayID, which Osko payments will be able to be sent to (although the standard BSB and Account Number will still be available). At the moment, bank transfers can only be sent to a BSB and Account Number, which you need to remember correctly if you want anybody to send you money – sometimes a challenge after a few wines at dinner! PayID takes a much simpler approach, allowing for payments to be made directly to a mobile phone number or email address. For businesses, PayID can also be set up with an ABN/ACN or Organisation ID.
Best of all, the service works 24/7, and money arrives at the other end in less than a minute, so there’s no more waiting for days to see if your friend Judy really did transfer you funds for the truffle pasta and bottle of red. Osko eliminates having to chase money (or being chased) after a night out, and the service is easy to use and safe – backed by BPAY and Beyond Bank.
To find out more about Osko and PayID and how it’s going to change the way you bank, contact our team today.