Gilbert + Tobin (G+T) has helped in launching the first service on Australia’s recently debuted New Payments Platform (NPP).
The firm advised BPAY Group on the development and implementation of Osko by BPAY. The system uses the NPP and allows customers to use PayID, a new technology launched with NPP which uses identifiers such as mobile numbers or email addresses instead of requiring bank account details.
Rolled out last week, the NPP enables Australians to send money in real-time transactions, even between clients of different financial institutions. The transaction-settlement system is backed by the Reserve Bank of Australia and services customers of up to 60 financial institutions across the country.
G+T said that it used its expertise in payment systems, technology, fintech, competition law, and financial regulation to help launch Osko. Its team created created a suite of unique scheme documents to help BPAY navigate the highly complex regulatory environment and support them to deliver Osko, it said.
G+T’s team was led by partners Tim Gole and Paula Gilardoni. They were aided by senior lawyer Kirish Kularajah. Further support came from the firm’s “Technology + Digital” and “Competition + Regulation” groups, which included partner Peter Reeves and lawyer Georgina Willcock.
Gole said that the development of a new payment system is a rare event.
Gilardoni said that Australia has a long history of world-class innovation in payments, and that Osko is a prime example.
The new service will transform how the industry thinks about peer-to-peer payments for years to come, said Kularajah.
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