step 1

Understand the NPP

Before you get started with making Real time payments, it’s worthwhile understanding why they are now possible. Previously, transferring funds between accounts and between financial institutions could take some time. For example, we’ve always made it possible for our customers to transfer funds between Greater Bank accounts online instantly. On the other hand, no matter who you bank with, transferring funds between institutions could take between 1-3 business days. Hardly ideal when you’re just trying to fix up a mate for your share of lunch, or you’re a sole trader looking to get paid.

The New Payments Platform (NPP) is the infrastructure project which has made real-time payments between financial institutions possible. It’s the first time the Australian Banking Industry has joined forces on a project of this scale, and it’s completion means that if your bank is on board, you’ll be able to make and receive real-time payments. The first product to be rolled out using NPP technology is Osko by BPAY®, and Pay ID.

step 2

PayID - what is it?

You may have heard the term PayID used in relation to real-time payments and not known what it all meant. In order to further simplify payments, you can now assign a unique identifier to your accounts, so that you don’t have to remember your BSB and Account Number when providing details to someone who wishes to transfer you money. Once a PayID is set up, you’ll be able to provide information like your mobile phone number, email address or ABN to anyone who wants to send you funds.

step 3

Set up a PayID

Setting up a PayID is easy and can be done in seconds within Greater bank’s Online Banking or Mobile App. Here’s how to create yours:

  1. Step 1

    Go to Services within Online Banking or our App and select PayID Management

  2. Step 2

    Select the account for which you want to set up a PayID. Confirm your details are correct.

  3. Step 3

    Hit ‘confirm’ and that’s it – you’re done. To manage your PayID, just click on it within PayID Management

step 4

Osko - what is it?

Osko by BPAY is the first payment service being offered on the New Payments Platform. From payments powerhouse, BPAY, the service allows real-time payments between financial institutions, either using a PayID, or a BSB & Account Number.

A completely new BPAY product, Osko does not attempt to replace any existing BPAY property. Rather, it’s designed to make peer-to-peer payments fast, simple and reliable. What’s more, Osko allows more data to be sent with payments (hello, emojis! 😁😁😁)

step 5

Real time payments

  1. Osko payments using a PayID

    To make an Osko payment using a PayID, simply head to the Pay Anyone menu within Greater Bank’s Online Banking or App. If you’re using a Pay ID for the first time, select add New Payee  and a PayID Type (mobile number, email address, ABN) and enter the PayID inforation. If you’re using a saved payee, simply select their details from your list of previously saved payees.

    Enter the remaining details of your payment (amount, frequency, etc) and confirm – that’s it. Simple as!

  2. Osko payments using a BSB & Acc Number

    To make an Osko payment using a BSB and Account number, simply head to the Pay Anyone menu within Greater Bank’s Online Banking or App. If you’re paying a new payee, select add a New Payee and enter their BSB and Account number, as usual. If you’re using a saved payee, simply select their details from your list of previously saved payees.

    Enter the remaining details of your payment (amount,frequency, etc) and confirm – too easy, huh?