Gilbert + Tobin today announced it advised BPAY Group on the development and implementation of Australia’s first service on the New Payments Platform providing faster, 24/7 payments.
Osko by BPAY™, the first payment product of its kind, allows Australians to transfer funds between accounts faster than ever before, typically in less than a minute – even between customers of different financial institutions.
Osko® leverages the industry’s New Payments Platform and allows customers of participating financial institutions to use a PayID - an identifier such as a mobile phone number or email address instead of requiring bank account details.
Gilbert + Tobin’s deep expertise in payment systems, technology, fintech, competition law and financial regulation was key to the successful launch of Osko. The team, led by partners Tim Gole and Paula Gilardoni along with lawyer Kirish Kularajah, created a suite of unique scheme documents to help BPAY Group navigate the highly complex regulatory environment and support them to deliver this pioneering and much-anticipated new product.
Competition and Regulation partner Paula Gilardoni said the project was a unique opportunity to collaborate with BPAY Group on a game-changing innovation in the payments space. “We are very proud to have helped BPAY Group in the development of this new product. Australia has a long history of world-class innovation in payments, and Osko is a prime example of that”.
“The development of a new payment service is a rare event. We are delighted to have worked on such a significant project that will make it faster and easier for people and businesses to manage their transactions and transfer money” said Technology and Digital partner Tim Gole.
Lawyer, Kirish Kularajah said Osko puts BPAY Group at the top of the game for innovation in payment services and will transform how the industry thinks about peer-to-peer payments for years to come. “Working collaboratively with our client from the outset meant we were able to truly understand their needs and leverage the depth of talent within G+T to enable BPAY Group to design and implement a world-class payment product.”
BPAY Group’s Head of Legal David Chen said he was thrilled with the project outcome. “Gilbert + Tobin played a critical role in helping us successfully navigate the complex regulatory landscape, unique technological challenges and stakeholder expectations of launching a product like Osko.”
The Technology + Digital and Competition + Regulation teams were supported by lawyers from across the firm including Fintech Partner Peter Reeves and Lawyer Georgina Willcock.
Gilbert + Tobin’s has developed a reputation as the preeminent payments practice in Australia, advising all major industry participants on new and existing products and technologies. Our team comprises commercial and payments specialists who understand the corporate, technical and regulatory issues facing this dynamic and continually transforming industry.