Published on Apr 24, 2018
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Get your money fast with PayID and Osko
PayID and Osko offer new ways to get payments, and are being launched by financial institutions across Australia.
Does waiting three days for debtor’s payments to be approved by the bank hold up your cash flow? Or how often do you find yourself short of cash and mucking about triple checking BSBs and bank account numbers when paying a bill?
The two new payment services offer businesses and individuals a secure and quick payment method.
The benefit of using Osko is its capacity to make real-time payments to accounts at participating banks.
Instead of not knowing for three days if that payment you’ve been waiting for has been received, you will see it in your account within seconds, no matter what day of the week.
Not only will the funds be visible in your bank account almost immediately, they will be available for use.
Added to this, the use of the PayID function allows customers to link a specific and unique ID to a bank account.
PayID Customers can select an ID that is easy-to-remember such as your business’s ABN, your email or your phone number. You don’t have to remember your BSB or account numbers or hand those details out to payers.
You also won’t have to fuss about peering into your mobile phone trying to ensure you’ve typed that 10 digit account number correctly!
Once customers have chosen and linked their PayID, all they have to do is give that PayID out to people they want to receive payments from.
Each PayID is unique to your nominated bank account, meaning when you hand out your PayID you can be sure the money will land in your account.
These two new services slot in alongside BPAY, adding another dimension to the ease with which we can undertake banking.
Like lining up at the counter of the utilities company (I know some of you remember those days) the era of waiting for payment approval will soon be a thing of the past.
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