Adjustment means a transaction initiated by us or you to adjust or reverse an NPP Payment which has already been cleared and settled.
BPAY means BPAY Pty Ltd (ABN 69 079 137 518), Level 1, 255 George Street, Sydney NSW 2000.
BPAY Scheme means the scheme operated by BPAY which governs the way in which we provide Osko to you.
Insolvency Event occurs in respect of a person if:
- it is (or states that it is) an insolvent under administration or insolvent (each as defined in the Corporations Act 2001 (Cth)); or
- it has had a Controller (as defined in the Corporations Act 2001 (Cth)) appointed, or is in liquidation, in provisional liquidation, under administration or wound up or has had a Receiver (as defined in the Corporations Act 2001 (Cth)) appointed to any part of its property; or
- it is subject to any arrangement, assignment, moratorium or composition, protected from creditors under any statute, or dissolved; or
- an application or order has been made, resolution passed, proposal put forward, or any other action taken, in each case in connection with that person, which is preparatory to or could result in any of (a), (b) or (c) above; or
it is taken (under section 459F(1) of the Corporations Act 2001 (Cth)) to have failed to comply with a statutory demand; or
- it is the subject of an event described in section 459C(2)(b) or section 585 of the Corporations Act 2001 (Cth) (or it makes a statement from which a reasonable person would deduce it is so subject); or
- it is otherwise unable to pay its debts when they fall due; or
- something having a substantially similar effect to (a) to (g) happens in connection with that person under the law of any jurisdiction.
Organisation means any of the following persons:
- a natural person (i.e. an individual) acting in their capacity as a trustee, sole trader or partner of a partnership;
- a body corporate in its personal capacity or as a trustee;
- a government agency;
- an unincorporated body or association; or
- a firm or partnership.
Osko means the Osko payment service provided by BPAY.
NPP Terms means the Terms contained within the New Payment Platform (NPP) section of the General Information Terms and Conditions.
NPP Payment / Osko Payment / NPP and Osko Payment means a payment made by or on behalf of a Payer to a Payee using New Payment Platform infrastructure. Osko Payments are unique in that the industry is committed to processing 95% of these payments into the recipients account within 15 seconds, and 99% of transactions into accounts within one minute.
Payee means a member who uses NPP and Osko to receive NPP and Osko Payments.
Payer means a member who uses Osko to make NPP and Osko Payments or Adjustments and receive Payment Requests.
PayID is a unique account identifier used for NPP Payments.
PayID Name means the name that identifies a user of the PayID Service. People sending money using NPP Payments will see the recipients PayID Name before confirming the transaction.
PayID Service means the addressing service for sending and receiving NPP Payments.
PayID Type means a type of unique identifier used for NPP Payments. PayID Types include phone numbers, email addresses, and PayIDs representative of an organisation by ABN, name, product, campaign or region).
Payment Direction means a direction from a Payer to effect an NPP Payment or Adjustment.
Payment Request has the meaning given in clause 12.
Personal Information means personal information, as that term is defined in the Privacy Law that is provided to, or obtained or accessed by, us in the course of providing Osko to you.
Privacy Law means the Privacy Act 1988 (Cth) and any legislation which applies to you from time to time in force in Australia.
Service Provider means a person engaged by BPAY to provide goods or services to BPAY in connection with Osko.
Transaction means an NPP Payment, Adjustment and/or a Payment Request.