Make and receive payments online in real-time with Newcastle Permanent

Thursday, 23 November, 2017

Our customers will soon benefit from a faster, simpler and smarter way to make and receive payments, with Newcastle Permanent connecting to the New Payments Platform (NPP) infrastructure.

The NPP is a major industry initiative to develop new infrastructure for Australian payments that will modernise how consumers and businesses exchange money. 

Newcastle Permanent CEO Terry Millett said the NPP would transform the way Australians pay one another when it is introduced nationally in early 2018.

"Our customers will soon enjoy the convenience of being able to make and receive payments faster than ever before using our Internet Banking or Banking App," Mr Millett said. 

"This will make funds available to recipients almost immediately and the service will be available 24 hours a day, seven days a week.

"Our customers are embracing the convenience and efficiency of digital banking channels and that’s why Newcastle Permanent will be among the first financial institutions in Australia to offer real-time payments."

The benefits of the NPP will be delivered to consumers and businesses initially through two new services; Osko by BPAY^® and PayID.

Osko^® is the new and innovative payment service developed by BPAY that will allow for payments to be made and received in near real-time.

Mr Millett said that rather than waiting hours or days to receive money from someone who used a different financial institution, Osko makes the money available almost immediately after payment.

"There are so many ways that Osko will make payments more convenient for customers and businesses, including splitting bills when paying for a group dinner, paying a tradesperson on the spot, or 'chipping in' for a gift with friends," he said. 

The other new service to be rolled out with the NPP will be PayID, which will make payments far simpler. PayID is a 'smart address' for consumer and business payments that is created by linking a bank account to their phone number, email address or ABN.

Find out more at www.newcastlepermanent.com.au/osko