faq - Osko®and PayID

Find out all you’ll need to know about registering a PayID and making a payment via Osko. It’s real-time payments made easy!

What is Osko®?

Osko® is a new payment service on the New Payments Platform (NPP). The service, which is backed by BPAY, will allow you to make payments in real-time, 24/7. Osko® will allow you to process payments in less than a minute, anytime, anywhere via internet banking or moneytree.

Osko® payments can be made to any eligible BSB and account number, or PayID’s within Australia, as long as both financial institutions are participating in the industry-wide initiative.

Do I need to have a PayID to send a payment via Osko®?

No, you can send an Osko® payment to any Financial Institution who is participating in this initiative, without a PayID.

How do I know if someone can receive an Osko®payment?

When you’re processing a payment through internet banking or moneytree using a BSB and account number, you’ll automatically be given an option to process the payment using Osko® if it is available.

The New Payment Platform Australia (NPPA) will also have a list of participating financial institutions listed on their website.

Do I need to be registered for internet banking to register a PayID or send payments via Osko®?

Yes, to take advantage of Osko® and real-time payments you will need to be registered for internet banking.

To register for internet banking, get in touch with us on 13 22 49 or send us an email.

Will Osko® replace BPAY?

No, you can continue to use BPAY services as normal. BPAY is and will continue to be, a quick and easy way to pay your bills.

BPAY has introduced Osko® to provide the Australians with a quick and easier way to pay each other. It’s just another service which BPAY is providing to make banking easier.

What is a PayID?

A “PayID” is a smart address for payments. It uses a mobile phone number, email address, ABN or ‘organisation ID’ such as a company name to replace an account number and BSB, making it easier for our member to process payments.

How can I create a PayID?

You can create a PayID now! Here’s how:

If you’re logged onto internet banking, simply:

  1. Select ‘My preferences’ in the top navigation and click on ‘manage PayID’;
  2. Pick your preferred contact you’d like to use as your PayID;
  3. Choose the account you’d like your PayID to link to;
  4. Verify your details; and
  5. Create your PayID.

If you’re using moneytree:

  1. Once you’ve logged in, select ‘Payments’, then PayID;
  2. Click on the ‘+’ symbol to add your PayID;
  3. Pick your preferred contact you’d like to use as your PayID;
  4. Choose the account you’d like your PayID to link to;
  5. Verify your details; and
  6. Create your PayID.

What are the benefits of a PayID?

Let’s face it, not all of us can remember our account and BSB number, but we know our mobile phone number and email address off by heart. Creating a PayID means that you can simply provide your mobile number or email address to your family and friends when they owe you money. It also means that you keep your account number details private.

Can I still use a BSB or an account number?

Yes, you can continue to use individual’s BSB numbers and account numbers to make payments. Creating a PayID just simplifies the process and limits the amount of information you’ll need to collect from the payee.

How many times can I use the same PayID?

You can only use a PayID once. For example, if you register a mobile number as a PayID for your Everyday transaction account, you will be unable to register your mobile number for another account.

I have a joint account, can my partner and I have a PayID on one account?

Yes, both you and your partner can have two different mobile numbers or email addresses loaded as PayID’s against the same account.

Do I need one-time password to create a PayID and process an Osko®payment?

Yes, you can only set up a PayID and process payments via Osko® if you have one-time-password enabled. This is an additional security measure to ensure the individual creating the PayID does, in fact, have access to these services.

How will I know if I’m sending the funds to the right account when using a PayID?

You don’t need to worry about transferring money to the wrong person. When you use a PayID to make a payment, you’ll be shown the account owners name before you can approve and process the payment.

I can’t register my PayID as it appears to be used by someone else, what do I do?

You’ll need to get in touch with a member of our team. Just call us on 13 22 49 or send us an email.

Can I make international payments using OSKO® and a PayID?

No, Osko® and a PayID are restricted to Australian payments. However, you can process international payments via internet banking.

Why has my outgoing Osko® payment failed?

Osko® payments can only be sent to accounts which have been enabled for this service. While we’ve enabled Osko® and PayID for all of our members, many other financial institutions, including the big four, will be rolling out these services to their customers over the next few months.

This means that your payment may be failing as the account you’re sending funds to may not be enabled to receive Osko® payments. You can continue to send payments to these financial institutions via a standard transfer until they make Osko® available.

Why has my incoming Osko®payment failed?

Back in August 2017, we communicated to our members that we were adding a prefix of ‘1’ to the beginning of your account number, to ensure it was compatible with our new system. To date, all payments going in and out of your account via a standard transfer, which referenced your old account number, would have processed as normal.

While this is still the case for standard transfers, Osko® has been built on new infrastructure by the NPPA, and only accepts nine-digit account numbers.

Given the real-time nature of Osko® payments, the solution will only look for an exact match of your account number to accept and process your transaction. You’ll need to provide all of your existing payees with your nine-digit account number to received Osko® payments. Alternatively, you can create a PayID and supply this to your Payee.

get in touch

Not sure what's the best fit for your needs? No worries. Get in touch with one of our banking specialists today.

Apply now.

Already a customer?

Apply in internet banking

New customer?

Apply online

We’ve published our 2021 Annual Report, read more about the past year here.