These brands are linked to the national payments platform,which is aproject funded by banks to create real-time payments that are easier to use,and can allow much more information to be included in a payment.
But the NPP,as it is known in the industry,is not a consumer-facing brand that consumers are likely to hear about from their bank.
NPP Australia chief executive Adrian Lovney said the first thing consumers were likely to notice when the service goes live,expected in October,was their bank inviting them to register for a PayID. BSBs and bank accounts will still exist behind the scenes,but you will not need to use them.
"Bank accounts will still have a BSB and account number,but their PayID is a friendlier,handle or address for their underlying bank account. So that could be their mobile phone number,or an email address,or an ABN or an ACN,"Mr Lovney said.
The other new financial brand consumers can expect to see from October is"Osko"– this is the name of the first service that will run on the NPP.
Osko,which is owned by BPay,will initially allow customers to make and receive instant payments,through their PayID. Currently,it can take up to three days for payments between banks to clear.
In the not-too-distant future,Osko will also allow customers to request payments from others – such as a tradesmen sending through a bill – and it will allow for payments to be made with a statement attached.