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Fast Payments Are Coming

We are currently testing these new features and will be introducing them later this month. But to prepare for these exciting changes, please make sure that your contact details are up to date: log-in to Internet Banking and click on the My Preferences tab to change your details, or contact us. If you have Payroll Split set up we need you to contact us on 1300 056 953. 

What is PayID and Osko?

PayID is a simpler way to receive payments. It replaces the need to provide financial account details, such as BSB and account number, when receiving payments.

Once your PayID has been set up, you will be able to take advantage of the brand-new Osko service. You will be able to ‘Osko’ funds to each other via mobile or internet banking, in real-time, 24 hours a day, 7 days a week.  You will also be able to send messages of 280 characters along with your Osko payment, including emojis!

What PayID types can be used?

AWA Bank members will be able to use a mobile phone number or an email address as their PayID. In addition, Business members will be able to use a Company Name or an ABN.

What are the benefits of PayID?

PayID allows you to use something that you already remember, such as your email address or phone number. A PayID also means you don’t have to share your BSB and account number anymore, so you can keep them private.

Also, if you’re worried about sending money to the wrong person, PayID will help with that too. When you make a payment to a PayID, the name of the person who owns it is shown to you before you approve the payment.

Will PayID replace BSBs and account numbers?

No. PayID will not replace BSBs or account numbers, but you can use your PayID as an easy to remember substitute.

When will PayID be available?

You will be able to create and use a PayID when it launches in October.

Who can create a PayID?

A customer or business who can prove they have the authority to use both the PayID identifier and the account this is linked to. Validation checks will be performed by financial institutions to ensure the user creating the PayID is authorised to access and use the identifier and the financial account.

If you want to use your email address or mobile phone number as a PayID, you can set this up on Internet Banking or by dropping into any of our Advice Centres.

If you would like to use an ABN or Company Name, please drop into one of our Advice Centres, or give us a call on 1300 056 953.

Is PayID secure?

Yes, PayID is secure. When you create a PayID, all information is stored in a secure, encrypted data repository.

What happens if I lock my PayID?

Locking a PayID temporarily stops the PayID from being able to receive payments. You will still be able to receive payments to your BSB and account number.

Can I transfer my PayID to AWA Alliance Bank account from another financial institution?

Yes. To move your PayID to AWA Alliance Bank from another financial institution, contact us on 1300 056 953 or visit one of our Advice Centres. You will need to de-register your Pay ID with the other institution and register your Pay ID with us. You can have different Pay IDs with different institutions.

What if I don’t like my PayID Name?

The PayID name represents the account name and is not able to be changed.

What happens if the PayID I want to use is already registered by someone else?

Please contact us on 1300 056 953 or drop in to your local branch.

Why might an account not be visible when creating a PayID in e-banking?

Only accounts that are eligible for PayID, and you have appropriate rights on the account, will appear when creating a PayID in Internet Banking.

What should I do if I don’t receive the six digit verification code when creating a PayID?

Ensure that the phone number or email address is correct and that you have access to that mobile phone or email address to retrieve the code. If you still don’t receive the code, contact us on 1300 056 953 or drop in to your branch.

Can a PayID be created on a term deposit account?

No, term deposits are not eligible for PayIDs.

Is it safe to share my PayID?

Yes, it is safe to share your PayID. A PayID also means you don’t have to share your BSB and account number anymore, so you can keep those details private.

What happens if I lose my mobile phone and that number was also my PayID?

Remember, a PayID is a simpler way to receive payments. The PayID remains unchanged, unless you have to change your mobile phone number. If you do get a new mobile phone number, you will need to close that PayID and create a new PayID with the new mobile phone number.

Do I need a PayID to make a fast payment?

No. PayID is something you can use if you want to simplify the payments process by not having to remember BSBs and Account Numbers.

When using a PayID, how do I know I’m paying the right person?

When paying to a PayID, you will be presented the PayID Name which represents the title of the account you are paying. You should ensure that the PayID name accurately represents your intended payee before continuing with the payment. Any queries about the PayID name you are paying should be directed to the payee.

Can one PayID be linked to more than one account?

No. An individual PayID can only link to one account at a time. However, different types of PayIDs can be linked to one financial account, for example, a mobile phone, an email address and an ABN number.

Can I have multiple PayIDs?

Yes. You can have multiple PayIDs, but each individual PayID can only be linked to one account.

Can a PayID be used to withdraw money from an account?

No, a PayID can only be used for receiving payments, not withdraw from your account.

Can a PayID be used to make or receive overseas payments?

No, a PayID can only be used for Australian payments.

Who can make fast payments?

Anyone who is registered for Internet Banking with a security token and Pay Anyone limit.

Who can receive fast payments?

Anyone with an account with a financial institution that has signed up for the New Payments Platform. To check if your bank is part of the NPP, contact them directly.

How safe and secure is this?

All financial institutions offering fast payments must meet strict requirements. This includes the capability to detect and respond to fraudulent activity in real-time.

Osko uses world leading technology certified to the highest data security standards and monitored 24 hours a day, seven days a week. All payments made are also subject to our own real-time fraud screening and detection systems.

As always, consumers should remain alert to the possibility of cons and scams particularly if they receive unexpected requests via social media, emails or SMS for urgent payments or account information.

Can you give me an example of when I might need to use a fast payment?

Laura and Tim go out for dinner. The restaurant doesn’t split bills and Tim doesn’t have enough cash to pay for his share. Laura pays for the whole bill and Tim transfers his share of the bill to Laura using her BSB and Account Number or a PayID if she has one registered - she receives his share of the bill in under a minute, despite the fact they bank with different financial institutions.

Do I have a different payment limit for fast payments?

No, your usual daily limit will apply.

Where am I able to see transaction references over 280 characters?

Long references made with fast payments will be visible in Internet Banking, but may be truncated on statements.

Is Osko by BPAY different from BPAY? Will it replace BPAY?

Osko by BPAY is separate to BPAY and will not replace this service.

Bendigo and Adelaide Bank

AWA Mutual Limited ACN 087 651 652 (AWA) is an agent of Bendigo and Adelaide Bank Limited (Bendigo Bank) ACN 068 049 178 AFSL/Australian Credit Licence 237879 in the distribution of AWA Alliance Bank branded products and services. AWA also has arrangements with other third parties as detailed in the Financial Services Guide.

AWA Alliance Bank branded deposits and loans are deposits and loans of Bendigo Bank. This website provides general advice only and information has been prepared without taking into account your objectives, financial situation or needs. We recommend that you seek independent advice before making any decisions based on this information. Consider the relevant disclosure documents, which includes terms and conditions for the various AWA Alliance Bank products and services as this information is relevant when deciding whether to acquire or hold an AWA Alliance Bank product. AWA Alliance Bank is a trade mark of Bendigo Bank.