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Newcastle Permanent launches new payment technology

On 13 February Newcastle Permanent was among the first financial institutions in the country to launch new services, Osko by BPAY and PayID, offering customers a simpler and faster way to send and receive payments.
The development of these new services has been led by the Reserve Bank of Australia and Australia’s major financial institutions, including Newcastle Permanent.
From 13 February, the rollout of Osko enables real-time electronic payments to other participating Australian bank accounts—meaning the funds will appear within seconds, while the launch of PayID enables customers to perform transfers without knowing bank account and BSB details.
PayID allows customers to link a PayID to an eligible bank account. The PayID could be a phone number, email address, or for businesses an ABN or ACN. PayID doesn’t replace BSBs and account numbers, but offers customers an easy-to-remember alias for the linked bank account.
Osko and PayID are a new way to make and receive payments alongside regular transfers and BPAY.
Newcastle Permanent CEO Terry Millett said that the launch of these new services would be game-changing for how we manage our money in the future.
“Current payments can take up to three business days to clear between financial institutions,” Mr Millet said. “Osko and PayID change this. Using Osko to make a payment, payments will be processed and appear in bank accounts in a matter seconds - even outside normal business hours, on the weekends, and on public holidays.
“This means that when you’re at a restaurant that doesn’t split bills and your friend paid for your meal, you can pay them back and they’ll get the money right away. How amazing is that! Or think about those times when you’ve forgotten you needed cash to pay the babysitter, it’s not a problem anymore - simply Osko the money into their account.
“These new services are game-changing, and that’s why we made the decision to make these new services available to all our customers the first day they are launched,” Mr Millet said.
Customers of Newcastle Permanent can log on to Internet Banking or our Mobile Banking Apps and register to use the services immediately.
“Our customers have embraced new features of digital banking. This latest technology in Osko and PayID make transferring money between your family, friends, and businesses so much simpler and so much faster,” Mr Millet said.