With BPAY Payments remaining Australia’s preferred way to pay bills (RFi, 2018) it is no wonder BPAY Group’s latest product in development is paving the way for business.
Osko Requests will use the New Payments Platform to enable businesses to send invoices in under a minute and get paid just as quickly through an enhancement to its pay anyone service Osko.
With the full product details still under wraps, Cathie Morrison the Head of Product for Osko says the business product will available in 18 months.
“The efficiencies being experienced by consumers will be felt by the business community with benefits, such as more information (like the invoice) transferred at the time of payment.”
“With Osko payments – funds are available to the payee in under a minute - helping to accelerate the shift away from cheques and cash, as well as other electronic transfers between banks, where users have an expectation of immediacy,” she said.
There are many benefits of Osko Requests, but in particular the one click payment option and the ability to send rich data with the transaction – which is up to 280 characters of description as well as other important business data.
Osko Requests uses the power and speed of the New Payments Platform (NPP) to enable real-time requests for payment to be sent between individuals and businesses.
Bringing faster payments to businesses using Osko Requests, is sure to assist small business, with cash reaching business faster.
With small business research showing that 60% of businesses currently have overdue payments from customers (RFi, Dec-17) Osko Request is set to be a game changer.
Author: Catherine Batch, Research Director, Payments Consulting Network, Brisbane
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