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Osko is owned and operated by [[BPAY]], and operates on the NPP as an overlay service. It uses PayID as a reference for payments. Payments are instant to accounts that have been transferred to previously.
Osko is owned and operated by [[BPAY]], and operates on the NPP as an overlay service. It uses PayID as a reference for payments. Payments are instant to accounts that have been transferred to previously.


In the Spring of 2021, the NPPA caused a write-down of Osko, which, in turn, Osko attributed to a change in NPPA strategy.<ref>{{cite web |last1=Lekakis |first1=George |title=BPAY Group claims strategy shift at NPPA helped trigger Osko write-down |url=https://www.bankingday.com/bpay-group-claims-nppa-strategy-shift-helped-trigger-osko-write-down |website=www.bankingday.com |access-date=18 September 2022}}</ref>
In the Spring of 2021, BPAY attributed a change in NPPA strategy (particularly the announcement of MPS, the Mandated Payment Service), as the cause of write-down in the value of their Osko business.<ref>{{cite web |last1=Lekakis |first1=George |title=BPAY Group claims strategy shift at NPPA helped trigger Osko write-down |url=https://www.bankingday.com/bpay-group-claims-nppa-strategy-shift-helped-trigger-osko-write-down |website=www.bankingday.com |access-date=18 September 2022}}</ref>


== References ==
== References ==

Revision as of 23:17, 25 February 2023

New Payments Platform Australia
Founded2013
HeadquartersAustralia
Websitewww.nppa.com.au

The New Payments Platform (NPP), operated by New Payments Platform Australia Ltd (NPPA)[1] is an industry-wide payments platform for Australia, national infrastructure for fast, flexible, data rich payments in Australia. It was first made accessible to the general public on 13 February 2018[2] with the launch of PayID, a simple addressing capability, and Osko,[3] the first NPP overlay service, operated by BPAY. As of 2020, more than 60 Australian banks have adopted the system.

The new instant payment platform for real-time low value payments was in response to the Reserve Bank of Australia's Payment System Board’s Conclusions to the Strategic Review of the Innovation in Payments System publication.[4] The NPP was announced in July 2013 by APCA.[5] In December 2014, the Program proceeded to the third phase, "design, build and test". In 2015 a contract was signed with SWIFT to design, build and operate the platform.[6]

In September 2021, the Australian Competition and Consumer Commission (ACCC) authorised a proposed merger of the New Payments Platform with Eftpos and BPAY Pty Ltd.[7]

PayID and PayTo routing

PayID is NPP's addressing service to enable payments. Its PayTo facility allows for payments to be sent by a user to a PayID.[8] The following chart compares PayID mobile payments via NPP to electronic payments, or bank transfers.

Compare PayID Bank Transfer
Transfer Time Less than 1 minute, normally [9] Up to 3 Working Days
Activation Opt-In, via your bank Always
Payee ID Phone number, email or ABNs[10] BSB & Account Number
Withdrawals Never Possible (if they have your password)
Direct Debit Never Possible
Availability 24/7 Banking hours only
Full Payee Name Confirmed before approval Not included
Transfer description 280 characters (allows emojis) 18 characters
Remitter name Personal or business account name 16 characters
Change accounts Keep PayID or create new one Same BSB & new account number
Switch banks Keep PayID or create new one New BSB & new account number
Multiple ID's Use multiple emails Never
Pay Overseas In the near future Current

PayID will coexist with the BSB and account number addressing scheme.

Osko

Osko is owned and operated by BPAY, and operates on the NPP as an overlay service. It uses PayID as a reference for payments. Payments are instant to accounts that have been transferred to previously.

In the Spring of 2021, BPAY attributed a change in NPPA strategy (particularly the announcement of MPS, the Mandated Payment Service), as the cause of write-down in the value of their Osko business.[11]

References

  1. ^ Nelson, Jake (6 August 2021). "ACCC Seeks Input On Eftpos Mega-Merger". CHANNELNEWS. Channelnews. Retrieved 18 September 2022.
  2. ^ Lekakis, George. "BPAY Group claims strategy shift at NPPA helped trigger Osko write-down". www.bankingday.com. Retrieved 18 September 2022.
  3. ^ "Osko by BPAY". www.osko.com.au. Retrieved 3 November 2017.
  4. ^ "Strategic Review of Innovation in the Payments System: Conclusions" Reserve Bank of Australia; June 2012.
  5. ^ Industry wide program to develop the "Industry-wide program to develop the New Payments Platform gets underway" Australian Payments Network. Retrieved 8 July 2013.
  6. ^ "RBA Advocates A Strong Digital Identity System". www.digitalfinanceanalytics.com. Digital Finance Analytics. Retrieved 20 September 2022.
  7. ^ Barbaschow, Asha (8 September 2021). "ACCC gives green light to Eftpos' merger with BPay and NPPA". ZDNET. Red Ventures. Retrieved 18 September 2022.
  8. ^ "Commonwealth Bank Modernises Payments with PayTo". Fintech Finance. Fintech Finance. 16 September 2022. Retrieved 20 September 2022.
  9. ^ https://www.rba.gov.au/publications/bulletin/2018/sep/the-new-payments-platform-and-fast-settlement-service/ [dead link]
  10. ^ Pay ID
  11. ^ Lekakis, George. "BPAY Group claims strategy shift at NPPA helped trigger Osko write-down". www.bankingday.com. Retrieved 18 September 2022.


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