BPay Group unveils $740m payment infrastructure Osko
Australian bill payment system BPay is to launch Osko, the country's first money transfer service that requires only the recipient's "PayID" to complete a payment. Although bank state branch numbers (similar to a UK sort code) and account numbers will continue to exist, using PayID offers registered customers a more user-friendly code. Due to be launched in October, the AUD1bn ($740m) Osko infrastructure will later enable customers to request payments from others and allow payments to be made with a statement attached. Users can choose a mobile number or email address, for example, as their PayID.
From October, bank customers will no longer need to worry about BSB and account numbers when transferring money to a friend, or paying a tradesman. Instead, they will only need to know the recipient's "PayID." And the first service allowing them to make instant payments in this way will have the brand name "Osko".

Ahead of the launch of a $1 billion piece of payments infrastructure later this year, BusinessDay can reveal the brand names consumers will encounter when making payments on bank apps or websites.

NPP Australia chief executive Adrian Lovney is talking to industry players about other innovative payment services. Credit: Ben Rushton

These brands are linked to the national payments platform, which is a project funded by banks to create real-time payments that are easier to use, and can allow much more information to be included in a payment.

But the NPP, as it is known in the industry, is not a consumer-facing brand that consumers are likely to hear about from their bank.