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Home / Latest News / Fast Payments coming in 2018

New fast payments coming in 2018

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Northern Inland is excited to announce that Members will soon be able to make and receive real-time payments via 'Osko' as part of the Australia wide banking initiative New Payments Platform (NPP).

This new, fast payments service will allow Members to make payments in in real-time, 24 hours a day, seven days a week to other financial institutions participating in NPP. Northern Inland is one of over 50 Australian financial institutions that will be rolling out this new service in the New Year.

Benefits of Osko and the NPP

  1. Faster payments: when you send or receive money, via Online Banking, Mobile Banking or our smartPAY app the funds are received instantly, 24 hours a day and seven days a week. This means that payments that can made / received out of business hours, on public holidays, or even weekends.
  2. Smarter Payments: you’ll be able to include up to 280 characters of text when making a payment, to describe what it was for. This means you can keep a more detailed record of your payments.
  3. Simpler Payments: instead of having to remember account numbers and BSBs, you’ll be able to create a ‘PayID’ using just an email address, mobile phone number, ABN or Organisation Name which will identify your Northern Inland account for receiving payments. When you’re making a payment using a PayID, you’ll automatically be shown the name of the person who owns that PayID before you approve the payment. 

We encourage you to check out the NPP video here.

How can you prepare for Osko?

While the new service isn’t available just yet, you can prepare to take advantage of faster payments by:

  • Making sure your email address and mobile phone number is up to date with Northern Inland. You can update these details easily through Online Banking or call 02 6763 5111.
  • If you aren’t already registered for Online Banking, Mobile Banking Register now
  • All Members using Osko must have a Security Token to make instant payments. You may choose between three Security Token options including a VIP app, an SMS one time password or a Security Token Device.