Osko fast payments and PayID: send money, fast!
1 May 2019
Remember when it took days to transfer money to someone? Well, that’s now well and truly in the past with Osko fast payments and PayID.
Suncorp Bank has joined up with Osko® and participating Australian financial institutions so you can send money in less than a minute, any time you like – 24/7, 365 days a year. Osko fast payments can be made via the Suncorp App from an Osko-enabled Suncorp account to an Osko-enabled account at another participating financial institution. And now, if someone has a PayID, you can make an Osko fast payment using their email address or phone number, without needing their BSB or Account Number.
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.
What are Osko fast payments and PayID, and how do they work?
Osko fast payments1
Fast payments are automatic payments made via the Suncorp App from most Suncorp Bank personal and business accounts to an eligible Osko account. You can use someone’s PayID or their BSB and account number to make an Osko payment.
If you have an Osko eligible account you’ll receive payments made from other Osko eligible accounts as fast payments. For eligible personal accounts they can use your PayID (which you’ll have to set up using your eligible mobile number or email address), meaning they don’t have to ask for your BSB and account number.
Usually, you’ll be able to send or receive an Osko fast payment in under 60 seconds. This means you won’t have to wait a few days for that friend who forgot they owed you to pay you back – and no more weekends slowing down the process even more!
On top of that, fast payments allow you to create descriptions for your transfers up to 280 characters in length (and they 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.
You’ll need to download the Suncorp App to enjoy the benefits of making Osko fast payments1. To see if your account is eligible, check out the Product Information Document or Schedule of Fees and Charges applicable to your account.
Rather than having to look up your BSB and account details every time someone needs to transfer you money, you can create your own PayID and link it to your eligible personal account. This allows someone to pay to your PayID (as long as their bank allows payments to PayIDs as well). Simply use your eligible mobile number or email address to create your PayID, and voila – getting paid has never been easier.
Open up the App, go to ‘Manage' and select ‘PayID’ from the ‘Payments’ menu.
Select the account to link your PayID with, confirm your details, and tap ‘Create PayID’.
A one time verification code will be sent to you. Enter the verification code, tap ‘Next’, and then a message will pop up saying that your PayID has been created successfully.
Of course, if you prefer to continue using a BSB and account number, that’s fine too. Using PayID is entirely up to you.
Who does fast payments and PayID benefit?
As we enter into a more cashless world, transferring money for things like food, bills and rent has become part of everyday life. 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. And, it can be super frustrating to have to chase up someone for their BSB and account number too.
Some prime examples of why people might find fast payments and PayID useful:
- When your waiter says those dreaded 4 words; “we don’t split bills”. One friend usually volunteers to grab the bill and have everyone pay them back, but you may have to keep them hanging for a few days while they wait for your money transfer. A better alternative? Money hitting their bank account in less than a minute if their account is Osko-enabled with another participating financial institution. And, no need for them to pop their account details into your friends’ messenger group, if they have a PayID you can just pay straight to it by using the Suncorp App.
- When you forget to get money out for the babysitter. Forgotten to take out cash for the babysitter? No problem. You already have their mobile number in your phone, so if they have an Osko-eligible account and their mobile number as a PayID, why not just pay straight to their PayID with the Suncorp App? Thanks to Osko fast payments, their night’s keep will go through in under a minute, so they don’t have to leave empty-handed.
- When you’re a small business and need to pay your workers outside normal payroll. Some small businesses rely on occasional freelancers who aren’t necessarily on the full-time payroll. If your account is Osko eligible and their account is Osko-enabled at another participating financial institutution as well, fast payments via the Suncorp App allow you to reward them for their hard work on the spot, without having to put them through the unnecessary pain of waiting 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 fast payment.
How do I start using Osko fast payment and PayID
Using the Suncorp App, you can send fast payments via Osko. It’s automatic for payments made via the Suncorp App from most Suncorp Bank personal and business accounts to a PayID or to the BSB and account number of an Osko eligible account at another Osko-participating financial institution.
To pay someone new with a PayID:
- Open up the Suncorp App and make your way to ‘Pay Someone’.
- Once you’ve selected your Account to pay from, tap ‘Select Payee’, then ‘New Payee’.
- From there, choose from the different payee types, such as an email address or phone number, and enter your intended payee’s PayID details.
- On our end, we’ll then verify the payee details you provide against the PayID register, and we’ll tell you who it’s registered to for your confirmation.
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1 Osko fast payments can only be made via the Suncorp App to a PayID or to the BSB and account number of an Osko enabled account at another Osko participating financial institution, and not via other access methods such as Internet Banking or the Suncorp Bank App. Osko fast payments cannot be made from or to 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. 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.
2 A PayID can only be created via the Suncorp App and if you accept and can satisfy our PayID Terms and Conditions. A PayID cannot be created in connection with a Business Account, a Passbook Account, Kids Savings Accounts, loan accounts (other than line of credit and overdraft facilities), Farm Management Deposit Accounts and Fixed Term Deposits. Certain types of mobile numbers (eg. international numbers) and email addresses may not be in a format which is compatible with our PayID requirements and, therefore, cannot be created as a PayID.
Internet connection is required when using the Suncorp App. Normal data charges from your internet service provider will apply.
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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 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.