Osko is a new service set up by Bpay to offer real time transfers of money between people from their banks and mobile phones.
It uses the New Payment Platforms or NPP to transfer money between people and the Reserve Bank of Australia’s Fast Settlement Service. Currently transfers can take overnight to be transferred but using Osko you can transfer the money between the users within minutes.
Osko will use for example their mobile number or email address as their Pay ID.
Osko will launch in October 2017 with the support of over 70 finanacial organtisations including the big four banks.
This is an exciting opportunity to have money transferred in real time which has been available in some European countries for some time.
For more information on Osko – click here