Osko®

Fast payments through Osko are not available to be processed from our Financial Service Centres or Customer Service Centre. Osko is only available for transactions completed through NetBanking and/or SCCU mobile app.

The short answer is yes. Instead of using a PayID, you could make and receive payments fast as long as both financial institutions are registered with NPP (New Payment Platforms) with  the technical capability to process payments fast.

Any Periodical Payment established prior to 1^st of August 2024 will continue to be sent as Standard Payments. If you wish for these payments to be sent as fast payments, you will need to cancel the existing recurrent payment and re-establish it as an Osko payment.

Your daily transaction limit has a bearing on creating and processing of regular scheduled payments. Talk to us if you need to increase your daily limit.

Yes, you can. When creating a new payee, you can choose to only save their PayID instead of also including their BSB and account number. By doing this, the payee will automatically receive funds fast through Osko whether it’s a single transaction or a recurrent payment.

If a payee is saved in the Address Book with both their PayID and BSB and Account number information, then you will have to choose the type of payment you wish to make, if a fast payment using Osko or if a Standard Transfer.

Fast payments transactions are typically completed in under a minute and that is why it is important to confirm you are paying the right person or business before confirming the payment.

Unfortunately, your payment cannot be cancelled once the final authorisation has been completed and the chances of recovery are very limited. In some cases, it is possible to ask the receiving bank to return funds sent to unintended recipients. Our chances to successfully retrieve any mistaken payments will depend on how long ago the transaction was completed.

After submitting a payment recall or trace request, we typically have an outcome within two weeks although in some cases it may take up to four weeks. A fast payment/NPP Recall fee may apply. See our Schedule of Fees & Charges under Support.

In the event of your payment being rejected, the funds for the rejected payment will be returned to your account almost immediately, and you will also receive a notification. The notification could be sent through secure message in NetBanking, SMS or email depending on how your contact details were recorded in our system.

You are not required to pay any fees when making fast payments through SCCU at the moment. However, you can always stay up to date with our fees by checking our Schedule of Fees & Charges in our Product Disclosures page.

Existing Terms and Conditions and Privacy Policy already incorporate the fast payments feature. Furthermore, specific Terms and Conditions related to fast payments are displayed at the bottom of this page and across the setting up and transaction processes for your review and agreement.

You can check the participating financial institutions here: Find an institution – NPPA. 

Osko sends money between participating banks fast, any time of day or night – including weekends and public holidays, although some payments could be subjected to security checks and delayed.

If you see the Osko logo at the end of your bank transfer, whether you’re paying to a PayID, or BSB and account number, you’ll know your payment will be sent fast.

The NPP is Australia’s fast payments infrastructure supporting real-time, data-rich account-to-account payments, 24/7.  Payments between bank accounts in Australia are moving to this fast, secure and efficient payments system.

Visit the AP+ website here: https://www.auspayplus.com.au/solutions/npp

IFTI is a process that enable us to use Fast Payments for completing the final stage of a transaction when our customers are receiving an international payment. So, once the international funds reach our Credit Union, then we are able to transfer it faster to our customer account.