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 committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .
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.
Bank Account Offer
Link up to 9 interest-earning sub accounts.
$0 monthly account keeping fees.
Earn interest on your linked sub accounts to help you save for individual goals, with no account fees to pay. Make contactless payments using Google Pay and Apple Pay.
- Monthly account fee: $0
- Linked debit card: Visa
- ATM withdrawal fee: $0
- Overseas EFTPOS fee: 3%
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)Under 30? You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.
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.
More guides on finder
eHarmony | What’s the popular online dating site like?
Here’s everything you need to know about the global matchmaking site eHarmony and how to use it to find love.
Square Payments & Payroll review Australia
Square offers simple ways for businesses to accept card payments, along with a range of other services including payroll.
nmoni personal loans review
nmoni is an Australian lender that offers personal loans to both good and bad credit applicants. Find out more about nmoni's rates, fees and features.
Goulburn Murray Credit Union Amigo Credit Card
This Visa credit card offers low-cost and simple account features, plus mobile payments through Apple Pay, Google Pay and Samsung Pay.
Macquarie Bank business loans
Macquarie Bank is a trusted independent global financial services group offering a wide range of business loans for a variety of purposes. Find the right loan for your business here.
Submission to the inquiry into Future Directions for the Consumer Data Right
In this submission to the Treasury inquiry into Future Directions for the Consumer Data Right being led by Scott Farrell, we focus on the topic of switching and how this could be encouraged through the introduction of write-access to the CDR. We also share some details on switching in the industries set to be covered by the CDR, as well as high-level views on how write-access could be used to enable payment initiation through the CDR.
DiDi Driver Guide: Sydney
If you're looking to start driving with DiDi in Sydney, you'll need to meet certain requirements. Find out everything you need to know in this guide.
DiDi driver guide: Melbourne
Find out everything you need to know - from car requirements to getting paid - about becoming a rideshare driver with DiDi in Melbourne.
DiDi car rentals
Find out more about how you can be a driver with DiDi, even if you don't own your own car. Rent a car and start making money using the ridesharing platform.
BankSA Amplify Platinum Credit Card
The BankSA Amplify Platinum is a rewards card that has a long-term balance transfer offer, an introductory purchase rate offer and a waived first-year annual fee.
Ask an Expert