List of financial institutions partnering with the New Payments Platform
Does your bank offer real-time payments using Osko and PayID? Find out in this guide.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
The New Payments Platform (NPP), which officially launched in February 2017, offers world-class payments infrastructure that's set to revolutionise the way Australians transact. The platform facilitates real-time, data-rich transfers between customers of different financial institutions, and allows Australians to set up a PayID to use instead of their BSB and Account Number.
Osko and PayID are two features of the NPP that allow customers to send and receive money instantly. However, these two features are slightly different, and banks can offer Osko payments without also offering PayID.
- Osko: This is a payment feature developed by BPAY that enables you to send and receive money instantly, even between different banks. Usually this would take up to 3 days. You might have noticed the Osko logo pop up after sending money to someone recently, letting you know the transfer was made via Osko and therefore was made instantly.
- PayID: Most banks that offer Osko payments also offer PayID. PayID is a personal identifier, nickname or ID for your bank account that can be used instead of your BSB and account number. Your PayID is usually either your phone number or email address. If your bank doesn't yet offer PayID, they might still offer real-time Osko payments.
- Google Pay, Apple Pay
- Monthly fees: $0
Bank accounts with real-time Osko payments
You can check the list below to see if you bank offers real-time Osko payments, PayID, or both.
Savings account offer: Westpac Life (18-29 year olds only)If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
How does PayID work?
PayID with Osko (developed by BPAY) will enable you to use a unique, easy-to-remember ID for your bank account to replace your BSB and account number. For example, if someone needs to send you money, you can simply give them your PayID. Your PayID will be something unique to you, like your mobile phone number or email address.
Another feature of PayID is that after you've entered the person's PayID, it'll come up with their name so you can check you're sending the money to the correct person. When your bank has launched PayID to customers, it will invite you to register for your PayID via the Internet or mobile banking.
To learn more about the NPP and how it will benefit you, check out our comprehensive guide here.
- Xinja is closing down, what does this mean for customers?
- Tips for parents as school banking programs to be banned in Victoria
- Revolut launches in Australia: How does it compare to rival neobanks and fintechs?
- Here’s why Australians are flocking to the new digital banks
- Big Four banks announce bushfire relief packages
More guides on Finder
No interest, flat fee credit cards
New no interest monthly fee credit cards, like the NAB StraightUp and CommBank Neo, offer no interest charges, limits up to $3,000 and only charge a monthly fee when you use it. Read more to find out more about how they work in our comprehensive guide.
86 400 Pay account review
The 86 400 bank account has no account-keeping fees and offers smart spending tools and features within the 86 400 app as well as Apple Pay, Google Pay and Samsung Pay.
86 400 bank products
Find out what you need to know about new digital bank 86 400. Full review of the Pay and Save account including fees and benefits.
Instant bank transfers using Osko in Australia
This guide will take you through what you need to know about instant bank transfers using Osko in Australia, including which banks offer them and how you can sign up.
BPAY’s real-time payment data shows we love fast transfers after 5pm
In a typical week, 1.9 million Osko payments are being processed.
What will real-time payments look like in Australia in 2023?
According to research, 67% of Australians are expected to use new real-time payment solutions by 2023. The question is, what type of solutions?
72% of Australians use digital payments, with non-bank apps preferred
Australians are embracing buy now, pay later platforms and digital payment wallets over their own bank apps.
Digital bank Up: Hands-on review of new conversational payments
We've been using Up's new in-app instant payments functionality to see how it compares to regular bank-to-bank payments.
Judo Bank: Products and services
Judo Bank is an online challenger bank that offers SME financing solutions and competitive term deposit rates. Find out more about this company here.
MyState Bank Glide Account
Pay $0 account keeping fees and make payments using Apple Pay, Google Pay or Samsung Pay with your MyState Glide Account.
Ask an Expert