Bankwest Forum

Ask a new question
Reply
New Member

When will BankWest start using the OSKO payment system to allow instantaneous transfers?

Posted by Lemishst Lemishst
Message 1 of 11 6,782 Views

Currently when I transfer money from the P&N bank to the Commonwealth bank using a BSB and Account number the transfer is transferred within seconds.  It is not using the PayID of the NPP.  It uses the OSKO payment system provided by BPay.

When is BankWest going start using this method?  There is no need to register and set anything up as is required for PayId

Thanks in anticipation and hope.

Reply
0 Kudos
Moderator

Re: When will BankWest start using the OSKO payment system to allow instantaneous transfers?

Posted by MegB MegB
Message 2 of 11 6,781 Views

Hey @Lemishst, at the moment, Bankwest customers can only transfer to registered PayID's through the full version of online banking.

We're currently putting the final touches on our app release which will include faster payments using a BSB and account number in place of PayID. This should be available in the coming weeks and we'll let our customers know when this is ready. Thanks for your patience during this time, we appreciate it Smiley Happy

 

Reply
0 Kudos
New Member

Re: When will BankWest start using the OSKO payment system to allow instantaneous transfers?

Posted by Lemishst Lemishst
Message 3 of 11 6,779 Views

If a small bank like the P&N bank can have the Osko system implemented for months, yet Bankwest, as part of the Commonwealth bank, still can't manage it is bewildering.

Reply
0 Kudos
New Member

Re: When will BankWest start using the OSKO payment system to allow instantaneous transfers?

Posted by Lemishst Lemishst
Message 4 of 11 6,778 Views

Bankwest is also a slow adopter of the PayId payment method.

 

Reply
0 Kudos
Moderator

Re: When will BankWest start using the OSKO payment system to allow instantaneous transfers?

Posted by MegB MegB
Message 5 of 11 6,777 Views

We wanted to make sure we got it right the first time around which has meant that we've taken a little bit longer than some to release these functions. I'm very sorry for any trouble this has caused and will pass your feedback through to the team.

Reply
0 Kudos
Senior Contributor

Re: When will BankWest start using the OSKO payment system to allow instantaneous transfers?

[ Edited ]
Posted by thewinchester thewinchester
Message 6 of 11 6,709 Views

@Lemishst wrote:

Currently when I transfer money from the P&N bank to the Commonwealth bank using a BSB and Account number the transfer is transferred within seconds.  It is not using the PayID of the NPP.  It uses the OSKO payment system provided by BPay.


How can I put this gently...

 

Osko = a type of PayID or NPP service.

 

Osko is a conduit that all banks can ‘plug into’ for sending money between banks leveraging the New Payments Platform.

 

Just because internet or mobile banking doesn’t refer to the Osko product doesn’t mean that it isn’t being used for your transfer.

 

So - back to your original question - which is better phrased as “why isn’t Bankwest using NPP services like Osko for all inter-bank transfers in Australia”, which mercifully was answered in a roundabout way by the responding MOD Smiley Wink

 

<financenerd/>


@Lemishst wrote:

If a small bank like the P&N bank can have the Osko system implemented for months, yet Bankwest, as part of the Commonwealth bank, still can't manage it is bewildering.


Ok, time for some more <financenerd/> here, as well as some background from my 20+ years in the tech industry.

 

The reason this seems bewildering to you is due to a lack of understanding about the core banking ledger platform used by smaller financial institutions like P&N, compared to larger banks like BWA, their owner CBA and the rest of the ‘four pillars’.

 

And this is where we introduce you to an entity known as CUSCAL (covered https://en.m.wikipedia.org/wiki/Cuscal, and official website at https://www.cuscalpayments.com.au). It would surprise most people to know that P&N doesn’t have to do a lot of work connecting up its core banking ledger to the outside world.

 

CUSCAL does all the heavy lifting, meaning that smaller member financial institutions can get new services to market faster, and spend significantly less on development and IT costs by working with CUSCAL to do things though a tried and tested interface that’s already working, along with delivering the customer interfaces that enable it. That’s for example why a couple of years back, 33 smaller financial institutions and credit unions were all able to launch Apple Pay support for their customers on the exact same day (but let’s leave Apple Pay alone, as that’s a real sore spot for Bankwest customers and posters here).

 

Or shorter - CUSCAL allows them to achieve things at scale.

 

Larger banks - thanks to their age, size, scale, and their legacy IT systems, don’t have it anywhere near as easy as those CUSCAL members. Because the larger banks don’t play nice with each other, they never developed standard frameworks and approaches for things, much less standard methods for internal services calling external API’s for communicating the information needed to ‘be a bank’ in the current reality of customer expectations.

 

This means that all the people behind the scenes - some of whom from Bankwest i’ve had the pleasure of meeting being an active participant and contributor to their Ideas Lab program (https://www.bankwestideaslab.com.au/) - have to spend lots of time getting these services to market, and make sure they work right from launch day.

 

From project approvals, capital expenditure approvals, getting the resources needed to develop and test, marketing and other expert approvals for how the services look and work when launched to the consumer, code and security reviews, and so on - getting these changes to market is a complex process.

 

Something I do want to call out here is that I don’t intend to excuse Bankwest being as slow as they have been on connecting their customers to NPP services. They had more than enough time to be prepared for the NPP launch, and i’m somewhat confident they already know this, and I hope they’re asking the right questions internally from this experience so they can do better in future.

 

But, what I will say in wrapping up is that not everyone gets that doing this isn’t as easy as waving a magic wand. To compare how a credit union got NPP going as fast as they did and ask why a larger bank isn’t that fast is a false equlivilence, that doesn’t understand all the differences ‘under the hood’ between the entities they’re trying to compare.

Moderator

Re: When will BankWest start using the OSKO payment system to allow instantaneous transfers?

Posted by MegB MegB
Message 7 of 11 6,675 Views

WOW @thewinchester thanks for the super comprehensive replies! Kinda feel like you're doing our job (and your homework) there Smiley Wink

 

Your critique regarding the time we've taken to roll out NPP is fair and we'll definitely take it on the chin. We hope to have this available to all of our customers, via both online banking and our app, by the end of the month.

 

We appreciate the time you take to engage with the Forum and our Ideas Lab. You definitely keep us on our toes! Keep up the great work Smiley Happy

Reply
0 Kudos
New Member

Re: When will BankWest start using the OSKO payment system to allow instantaneous transfers?

[ Edited ]
Posted by IanPGee IanPGee
Message 8 of 11 4,417 Views

Hello Moderator @MegB 

 

I just made a BPAY transaction but I was advised that after a day it still has not gone through.

 

My understanding is with Osko Bpay, payments will go straight through.

 

Has Osko been activated for Bankwest and is this applicable for Bpayments?

 

Kind regards, Ian

Reply
0 Kudos
Ask a new question
Top kudoed contributors

Bankwest SWIFT code: BKWAAU6P
© 2019 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.