Your bank, building society or credit union will let you know when you can do this and you'll be able to do it within your usual mobile or internet banking.
Bank customers will be contacted about when and how to access the new services.
NPP Australia Limited oversees the platform, which facilitates real-time transfers between banks.
It was launched to customers today; the first transaction was a donation to a children's charity by Adrian Lovney, CEO of Australia's National Payments platform.
As well as faster payments, the NPP also promises to allow consumers to transfer cash to a person or business without entering in the recipients BSB or account number.
To receive near real-time payments customers can register their mobile number as their PayID.
"Osko by BPAY is a big step forward for Australian payments".
The 13 participating banks will now bring their customers onboard the platform over the coming months.
"Gone will be the days of frustrating three-day waits for transfers between accounts of different banks". In addition, the NPP allows "data enriched" transactions - essentially allowing a transaction to have longer descriptions than are possible now or attachments such as a receipt. According to NPP Australia, the platform itself has been live since November in order for employees at a number of different institutions to test its functionality. In others, you may be required to choose an Osko payment first.
"We expect that over the next month or so, Australians will be able to transfer money instantly to each other through products like Osko by BPAYTM". The person-to-person service, similar to Zelle in the USA, will be available through online or mobile banking applications.
NPP Australia said the platform's rollout to individual banks would depend on their own "timings and plans". "You'll be able to pay them on the spot in under a minute, in your secure banking environment, 24 hours a day, seven days a week".
Following an RBA review in 2012, the NPP was established a year later, and reportedly involves an initial group of thirteen shareholders including; ANZ, nab, Macquarie Bank, Westpac, Commonwealth Bank, ING Direct, HSBC Australia, Citigroup, Bendigo and Adelaide Bank.
The federal government welcomed the launch of the new platform.
"These could be payments experiences, or they could be business applications that enable significant organisational efficiencies". "Other financial institutions will be able to connect to the NPP directly or via an existing participant that offers connection services to smaller financial institutions", Morrison said.