Osko is instant but basically all banks will delay large transfers to new accounts. Some banks do this for amounts as low as $1000. Not for a technical reason. Just to give the owner enough time to notice the sms and email in case your account gets breached so you can call customer support to lock everything down.
I’d like to see the option to setup something like a pre-authorised payment. Ideally the same as doing an EFT/Osko/NPP transfer, but the funds are held in a escrow like situation by the bank for a period of time the bank deems “safe”.
Giving the account owners enough time to contact the bank if the payment is unauthorised, but when the waiting period is up you can then choose to release the funds at a time that suits you (eg. for a car sale, when you hand over the keys) or you can choose to can the transaction returning the funds to your account.
Wishful thinking I know, given how much of a mess the instant payment system is at the moment. I had an account that supported PayID with Macquarie and tried to transfer money to another PayID account with Up bank and found that because one of the banks (Macquarie iirc) didn’t support whatever underlying payment system Up used (Osko possibly) I wasn’t able to use PayID and had to use regular EFT instead.
