Welcome to a new era in everyday banking.
Nexus Mutual will be participating in an industry-wide initiative introducing Osko. Osko will allow participating financial institutions to provide their members and customers with Fast Payments. The new payment infrastructure will offer our members fast, secure, convenient payments when transferring money between participating financial institutions.
What does it mean?
Australians will soon be able to send and receive Fast Payments, 24 hours a day, 7 days a week!
Currently, it can take up to 72 hours to transfer money between financial institutions. The introduction of Fast Payments means that transfers between participating financial institutions will be processed and received in minutes.
How will it work?
Osko will facilitate the Fast Payments made between accounts at different financial institutions that have joined the platform.
The introduction of Fast Payments will also allow you to make and receive payments using a PayID. A PayID makes sending and receiving payments easy and convenient as it links your account to more common information. You can use your mobile number or email address, or for businesses you can use your business name or ABN/ACN.
Your accounts will still have a BSB and account number, but you will be able to provide your PayID to receive payments without disclosing your BSB and Account Number. You can also send money to others using their PayID.
You’ll be able to create your PayID securely through Internet Banking when Fast Payments arrive early in 2018.
Benefits of Osko
You’ll no longer have to worry about wait times, weekends or business hours. Your payments will be delivered in minutes. 24 hours a day, 7 days a week. The introduction of PayID will also make sending and receiving payments easier and more convenient using a mobile number or email address instead of spending time looking up BSB and account numbers.
Your Fast Payments will be delivered securely while capturing the detailed records of your transaction. Fast Payments also brings the added security of PayID. When using a PayID you will know exactly who you are sending your money to, as the process gives you the opportunity to validate your payment by seeing a name against the registered PayID before you send your money.
Not only will your payments be fast, you’ll also be able to input a detailed description of your payment with up to 280 characters.
If you have any queries, please visit the frequently asked questions, or contact Nexus Mutual ph. 1300 65 33 28