Fast Payments: Osko and PayID

Fast Payments with Osko

Fast Payments are powered by New Payments Platform (NPP) and Osko. Ideal for small payments, emergencies, or in person arrangements when you don’t have any cash on you, the Fast Payments feature allows you to make and receive payments in less than a minute in most instances, 24/7 including weekends and public holidays*.
To make it easier to track, you can include descriptions up to 280 characters for detailed payment information and future recollection.

Making and receiving Fast Payments is safe

Quick, easy, convenient, and safe. Fast Payments are protected by our real-time transaction monitoring. However, as with any banking transactions, it’s important that you work with us and take precautions to help reduce the likelihood of mistakes and potential fraud on your account. Especially with Fast Payments where transactions are typically completed in less than a minute, it is crucial that you remain mindful and attentive to details when paying someone, so you can keep your funds safe. Once you make the payment it cannot be cancelled once the final authorisation has been completed and the chances of recovery are very limited.

Fast Payments Transaction Limits

When making Fast Payments, the combined daily limit across your accounts is $5000 and the faster payment only works if the receiving financial institution is also registered with New Payment Platforms (NPP) and Osko to have the technical capability to process payments fast. However, these limits do not apply for receiving funds via Fast Payments.

Fast Payments are available for any single transaction made via our NetBanking or mobile app. You’ll know your money has been scheduled to be sent fast if you see the Osko logo on the type of transaction selected when doing your bank transfer. If you don’t see the Osko logo, your payment will be processed in the normal manner and follow our standard processing times.

Start Your Fast Payments Today

To start making Fast Payments today, follow the prompts when completing a transaction:

If using NetBanking;

• Click on ‘Payments’ on the top menu.
• Select ‘Transfer Money’ from the dropdown menu.
• Choose the account you wish to use for the money transfer/payment and add a new payee to receive the payment. The details of the payee could be a BSB and Account number, or a PayID such as mobile number or email.
• Select the way in which the payment will be sent. If using a BSB and Account number; ‘Standard Transfer’ or ‘Osko’. Payment using PayID is Osko only.
• Proceed to add the transfer/payment details.
• Click ‘Next’ to review your payments details and confirm your transaction.

If using our mobile app;

• Click on menu at the top left of your mobile app screen.
• Select the option ‘Pay’ from the dropdown menu or click on ‘Pay’ at the bottom of your mobile app screen.
• Choose the option ‘Pay Anyone’.
• To add a new Payee, click on ‘New’ and proceed to save the details whether a BSB and Account Number or a PayID. If an existing Payee, simply select their name.
• Click on ‘Choose Pay Type’ to swap payment type between ‘Osko’ and ‘Standard Payment’.
• Add your payment details and review transaction details before confirming payment.

Standard Payments can take from a few hours to a few days to be completed. Fast Payments often take less than a minute, therefore the importance of carefully checking the payment details before confirming your transaction as mistaken payments may not be possible to recover.

Make Payments Easier with PayID®

PayID is a simpler alternative to a BSB and Account number. It lets you send and receive money  using a mobile number, email address, ABN or Organisation Identifier. Ideal for those who want to save time, make and receive Fast Payments via Osko using an easier-to-remember option for account identification.

When you send money to a PayID, you will see the name of the person or business you are paying before you complete the payment. This can help reduce mistaken or scam payments.
After you create your PayID, you can tell payers to make Fast Payments to your PayID instead of giving out your account details.

Create Your PayID Now

Setting up your PayID is quick and easy. All you need to do is create your PayID via our NetBanking or mobile app using a mobile number or email address that’s registered to your bank account. If you are a business customer, you can register for PayID with your ABN or Organisation Identifier by contacting us at 1300 360 744.

If using NetBanking;

• Click on ‘Settings’ on the top menu.
• Select ‘Manage PayID’ from the dropdown menu.
• Once in the ‘Create PayID’ page, use the dropdown menu to select which contact you wish to use as your PayID.
• Select the account you wish to link to the PayID.
• Verify the contact used for PayID by entering the One-Time-Password issued to your phone if using a mobile PayID or email if this is your chosen contact.

If using mobile app;

• Click on the menu at the top left of your mobile app screen.
• Select the option ‘My details’ from the dropdown menu.
• Choose the option ‘My PayID’.
• On the ‘Manage PayID’ page, click on the button ‘Set Up’.
• Select the contact you wish to use for your PayID, proceed to select the account you wish to link your PayID, and click on ‘Save’.
• Accept the PayID Terms and Conditions.
• Verify the contact used for PayID by entering a One-Time-Password issued to your phone if using a mobile PayID or email if this is your chosen contact, and press continue.
• Wait for confirmation that your PayID has been successfully created.

Make Fast Payments using PayID 

Paying someone using PayID is simple.
Follow the steps below to complete your transactions using a payee PayID.

If using NetBanking:

• Click on ‘Payments’ on the top menu.
• Select ‘Transfer Money’ from the dropdown menu.
• Choose the account you wish to use for the money transfer/payment and the payee details to receive the payment.
• If an existing payee with PayID, simply search for their name in your payee list.
• To include a new contact, click on ‘New Payee’ and select the appropriate transfer method to upload the payee PayID between the options ‘Email Address’, ‘Phone Number’, ‘ABN’ or ‘Organisation ID’.
• Give the payee a ‘Nickname’ so the payee is added to your Address Book for future use.
• Alternatively, you can proceed using their regular BSB/Account number.
• Enter the details of the payment amount and transaction message.
• Review your payment details and make sure you are paying the correct person or business before confirming your transaction and click ‘Next’.
• Submit transaction.

If using our mobile app;

• Click on menu at the top left of your mobile app screen.
• Select the option ‘Pay’ from the dropdown menu or click on ‘Pay’ at the bottom of your mobile app screen.
• Choose ‘Pay Anyone’.
• Choose payee from list of existing payees or create a ‘New Payee’.
• If creating a new payee, select the payee identifier from the options ‘Email Address’, ‘Phone Number’, ‘ABN’ or ‘Organisation ID’.
• Choose the contact details from your device saved contacts or enter the contact details manually. For example, the payee mobile phone number or email address.
• Proceed to add your payment details and confirm the PayID details are correct and linked to the name of intended recipient.
• Add the payment amount and transaction message.
• Make sure you are paying the correct person or business and select ‘Confirm’.