Introducing fast payments: The speedy way to transfer money!
1 May 2019
Remember the ancient times when it took days to transfer money to someone? OK, maybe it’s not quite ancient history, but it could be soon with the introduction of fast payments.
Suncorp Bank has joined up with Osko® and participating Australian financial institutions to allow you to send and receive money between Osko enabled accounts in less than a minute, any time you like – 24/7, 365 days a year. Available only through the Suncorp App this exciting new feature means you no longer have to wait a few days to pay back that friend you awkwardly forgot you owed money to – and no more public holidays slowing the whole process down even more!1
On top of that, fast payments allow you to create descriptions for your transfers that are up to 280 characters in length, and can even include emojis. So you now have the freedom to add specific details about your money transfer, and be more creative in doing so!
At Suncorp we have been improving our digital offerings to give you access to the latest payment capabilities.
We have now introduced Fast Payments for most of our everyday and savings accounts which means you can make payments and be paid in less than a minute. But how will this actually look?
Meet Jing. She’s a ‘foodie’ who enjoys spending time with friends Sally and Emma.
When it comes to splitting the bill, Jing knows that with fast payments, she can easily pay her share to Sally using the Suncorp App...
Jing simply selects the account she wants to pay from...
...and enters the account details provided by Sally.
Jing can even personalise the fast payment description with up to 280 characters, including emojis!
When you see the Osko logo, you’ll know your payment has been sent as a fast payment. It’s really that easy!
If the person you’re sending money to is not enabled for Osko fast payments, we will process your payment through another payment channel which may take one to two business days.
This is an exciting time for all of us as we move towards faster, simpler and smarter payments…
.. it’s just another way that we’re creating a better today.
Who does fast payments benefit?
Considering most people don’t carry wads of cash around these days, it’s common to need to transfer money to someone’s bank account. The problem with this, though, can be that inconvenient wait time. Especially if the payment is already late, it’s an emergency, or you want to establish trust with the person or business you’re paying.
Some prime examples of why people might find fast payments useful include:
- When your waiter says those dreaded 4 words; “we don’t split bills”. One friend usually bravely volunteers to grab the bill and have everyone pay them back, but now you have to decide whether to make an inconvenient dash to an ATM or keep them hanging for a few days while they wait for your money transfer. A better alternative that’s sure to put them at ease? Money hitting their bank account in less than a minute if your account and their account are Osko enabled accounts with a participating bank.
- When you forget to get money out for the babysitter. While we’re a mostly cashless society, there are some people who require upfront payment for their services. That might be your babysitter, a handyman, or even a friend who’s helping you out with something. Maybe you want to buy something secondhand that you saw online or at a garage sale, and you don’t have cash handy to give to the seller. If your account and their account are Osko enabled, fast payments gives you a way to reimburse them in under a minute while you’re still standing there, so they don’t have to leave empty-handed (or with an empty bank account).
- When you need to make an emergency payment. There’s only one thing worse than remembering you haven’t paid for something, or needing to cover a last minute, emergency expense – and that’s having to wait days for your payment to go through. With fast payments, that can be a stress of the past.
- When you’re trying to split those household bills. Living in a sharehouse can be kind of tricky – from making sure everyone pays their portion of rent on time to the nitty gritty of splitting utility bills and shared grocery items. With fast payments, you can settle the score quickly.
- When you’re a small business and need to pay your workers outside normal payroll. Some small businesses rely on occasional contractors or getting help from workers who aren’t necessarily on the full-time payroll. If your account and their account are Osko enabled, fast payments allow you to reward them for their hard work on the spot, without having to put them through the unnecessary pain of making them wait for money to show up in their account days later. Payroll transfers through our Business Payment Credits feature will not be processed as an Osko payment.
- When you need an urgent bail-out. For example, when it’s the day before pay day and the groceries are tallying up a bit higher than you thought. You can borrow some cash from a friend, family member or partner without them even needing to be there – just shoot off a text and if your account and their account are Osko enabled you can have the money in your bank account in no time.
Can all Suncorp Bank customers use it?
Using the Suncorp App, most personal and business everyday and savings accounts will be able to send and receive fast payments, including:
- Everyday Basics
- Everyday Essentials
- Everyday Options (Main)
- Everyday Options Sub
- eOptions Account
- 55 Plus Account
- Cash Management Account
- Wealth Cash Management Account
- Business Everyday Account
- Business Premium Account
- Business Saver Account
If your account is not listed above please refer to the Product Information Document applicable to your account to see if it is able to send and receive Osko fast payments.
How do I start using fast payments?
Fast payments are only available through the Suncorp App, not the Suncorp Bank mobile app or Internet Banking that you might use via your computer. So if you want to start enjoying fast money transfers, and adding descriptions that can include up to 280 characters and a smiley face or two, you’ll need the Suncorp App1.
If it is, the payment will go through in under a minute. If not, normal processing times will apply and you should allow 1-2 business days for it to be received. You’ll be able to tell if the bank account you’re sending money to is eligible to receive Osko fast payments because the “maximum characters” available in the description will be set to 280. Plus, when you get to the confirmation page, there’ll be an “Osko” symbol underneath the description of the account you’re transferring to.
With fast payments, you can say goodbye to those awkward explanations of why you’re late paying someone back, or treks out of your way to find an ATM. Suncorp is excited to help our customers enjoy the many benefits of making super fast payments on the fly, and we hope you are too!
1 Osko fast payments can only be made through the Suncorp App to Osko enabled accounts at Osko participating financial institutions and not via other access methods such as Internet Banking and the Suncorp Bank App. Osko fast payments cannot be made from or to the following Suncorp Bank accounts: Passbook accounts, General Trust Accounts, loan accounts (other than line of credit and overdraft facilities), Farm Management Deposit Accounts and Fixed Term Deposits. Osko fast payments cannot be made from Kids Savings Accounts, Agent’s Statutory Trust Accounts (Qld, NSW) and Solicitor’s Trust Accounts (Qld) but can be made to them. Future-dated and recurring payments and Business Payment Credits will not be made as Osko fast payments. Suncorp Bank’s Osko service does not include PayID. For full details about terms and restrictions that apply to Osko fast payments please read our Terms and Conditions for Suncorp Accounts and Continuing Credit Accounts and the Product Information Document applicable to your account.
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”). Eligibility criteria, conditions and fees apply and are available on request. Please read the relevant Product Information Document;before making any decision about this product. Contact us for a copy.
Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product
Osko is a service that allows people to make fast payments to each other and get paid securely through their online banking. If you make a payment from an Osko enabled Suncorp Bank account to an Osko enabled account at another participating bank by using the Suncorp App, it will be received in under a minute.