Osko

What is Osko?

Osko is the BPAY-operated service that most Australians experience as an instant bank transfer. It runs on the New Payments Platform and moves funds between participating banks in about a minute, at any time of day. A payer can send an Osko payment using either a BSB and account number or a PayID. For a finance team, Osko is often how one-off or urgent supplier payments are made outside a scheduled pay run.

Why it matters for Australian finance teams

The speed that makes Osko useful also makes it attractive to fraudsters. Because funds settle almost immediately and are difficult to recall, a payment sent to a fraudulent account under pressure, such as a fake urgent invoice or a spoofed executive request, is usually unrecoverable. Australian losses to payment redirection and business email compromise are driven partly by this shift to instant rails, where the traditional pause of a next-day clearing run no longer exists to catch a mistake.

How ezyshield helps

With near-instant settlement there is no safety net after you send, so the check has to happen first. ezyshield confirms the person, validates the business through ABN and ASIC records, and verifies bank account ownership before an Osko payment is released, so the account receiving your money is one you have actually confirmed. If the details change, ezyshield triggers re-verification, and every check is written to an append-only audit trail that is logged and never edited or deleted. See how it works and payment fraud prevention in Australia.