Bank First is proud to be one the first financial institutions participating in the New Payments Platform, which provides faster, simpler, smarter payments through Osko and PayID services.
Osko and PayID are available between participating financial institutions via Internet Banking and our Mobile Banking App.
Participating financial institutions are taking a collaborative approach to ensure the highest security and fraud prevention measures are in place.
Fraud levels in Australia's payment system are amongst the lowest in the world, because of the actions and investments by all parties and their commitment to work collaboratively to reduce fraud. Australian financial institutions have very good fraud detection, screening and alert systems and these capabilities will apply to the New Payments Platform providing a safe and secure system for our Members.
All services offered via the New Payments Platform, including PayID and Osko must meet strict requirements. This includes procedures for fraud, liability rules for mistaken payments, misdirected payments and when using PayID.
We regularly monitor online transactions and investigate for any anomalies to ensure that your online security is not compromised.
Under the New Payments Platform, Osko and PayID will be limited to SMS Security registered customers only.
Most accounts will be reachable on the platform however each financial institution will determine how and when services will be available. The ability to send and receive payments is at the discretion of each financial institution. It is however anticipated that more than 75% of Australian bank accounts will be able to receive payments immediately and this will increase over time.
The New Payments Platform is an industry wide initiative, collaboratively developed and funded by thirteen participating financial institutions. These thirteen financial institutions, including our payments provider Indue, have come together to form the New Payments Platform Australia Limited (NPPA) to oversee the build, operation and management of the New Payments Platform.
NPP International Funds Transfer Instructions (IFTI) is an NPP payment made in ‘near real time’ on incoming international transfers. This is only applicable from authorised foreign exchange providers.
Please refer to our Terms and Conditions for more information.
