Bank of us achieves new payments platform milestone.
Tasmania’s only customer-owned bank, Bank of us has reached a major milestone in preparation for the 2018 launch of the New Payments Platform (NPP).
Back (L-R): Bruce Potter, ASL; Tara Moran, ASL; Donna Rist, Bank of us; Susie Russell, Bank of us.
Front (L-R): Karla Day, Bank of us; Paul Ranson, CEO Bank of us; David Jay, CEO ASL.
Today, Bank of us payments partner ASL, confirmed that Bank of us was the first ASL member to gain OSKO participant certification.
ASL Chief Executive Officer, David Jay met with Bank of us staff today.
“This is a massive milestone that required significant effort and commitment over a long period of time and I am pleased to be able to acknowledge this achievement.”
Osko by BPAY will be the first innovative product to be delivered via the NPP, using PayID. Customers will be able to send payments from an account from their banking institution, 24/7, to a payee with fast availability of cleared funds, detailed information and confidence in delivery.
Bank of us Chief Executive Officer Paul Ranson said the New Payments Platform is one of the ways that Bank of us is working to help solve some of its customers’ most common pain points.
“No longer will customers need to remember difficult account numbers, only a mobile number … now that is unexpected.”
Bank of us customers will be some of the first banking customers to benefit from the new payments infrastructure.
“Our customers will be among the first to benefit from a faster, simpler and much smarter way to do their everyday banking.
“The introduction of the NPP will mark a momentous change in the way that payments can be made in the future.”
Mr Ranson said there are four key benefits of the NPP. It will enable consumers to:
- Make payments in real time, with access to funds almost immediately.
- Make and receive payments outside normal banking hours.
- Send information such as invoices with payments.
- Use a PayID like a phone number, email address or an organisational name to make a payment.
“More and more of our customers are moving away from traditional banking to digital banking, preferring to use Internet Banking and our ‘just as good as the big banks’ Smart Banking App.
“We are committed to providing Bank of us customers the best possible banking experience, which includes offering a range of seamless ways to bank.”