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Real time payments FAQs

Real time payments FAQs

Real time payments FAQs

“Get ready for faster, simpler, and smarter payments.”

What is the New Payments Platform (NPP)?
Currently it can take up to 3 business days for money to move from one bank account to another when you need to receive money or transfer funds to a friend, family member or a business.

WAW is proud to be a part of the New Payments Platform that with the help of Osko and PayID, will help make payments faster and easier in Australia.

What is Osko?
Osko is a service built on the New Payments Platform which will enable near real-time payments, typically in less than 60 seconds, 24/7, including weekends and public holidays.

Osko will allow WAW customers to make and receive payments between participating banks in Australia using an eligible BSB and account number or a PayID linked to your bank account.

What is a PayID?
A PayID is a recognisable and memorable piece of information used in everyday life such as your mobile number.

You’ll be able to link a PayID to your eligible bank account to receive or send payments via WAW’s Internet Banking or Mobile Banking - even if they bank with someone else.

You can only link one PayID to one account at one financial institution.

Do I need a PayID to use Osko?
BSB and account numbers can still be used - PayID is a simpler way to pay, as you don’t have to remember BSB and account details.

How do I register for a PayID?
You’ll need to be registered for WAW’s Internet Banking service. We will advise customers when it is time to create a PayID.

How safe is Osko and PayID?
WAW is working closely with other financial institutions to make sure the highest security and fraud prevention measures are in place. All payments will be subject to WAW’s real-time fraud screening and detection capabilities. As always, customers 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.

When will the Osko and PayID services be available?
The New Payments Platform (NPP), including Osko and PayID are now available at WAW Credit Union.

For more frequently asked questions, please visit the NPP website: 

Consider terms and conditions from WAW Credit Union before using Osko and PayID.

If you require any further information about payID, Osko or the New Payments Platform (NPP) we would be pleased to help. You can contact your nearest Customer Service Centre or call our WAW Contact Centre on 1300 368 555.