Telstra Finance Executive, Steven Fousekas, said: “Our customers want payments to be simple, safe and fast. They have busy lives and want clear visibility of any payments they have set-up, and the ability to make changes quickly and easily. We are always looking for ways to make billing and payments even simpler for our customers, and this trial is part of that.”
CEO of The Shepherd Centre, Jim Hungerford, said: “The Shepherd Centre has received long-standing support from the Commonwealth Bank so we were delighted to participate in the PayTo trial. The Shepherd Centre is an early intervention service for children with hearing loss and the support we provide is reliant on donations from the public. We hope PayTo will offer our supporters a new way to make donations in the future and we are excited to be one of the first charities in Australia, if not the first, to receive a donation via PayTo as part of CBA’s trial.”
As PayTo for payee CBA business customers is in the trial phase, it is not currently widely available. CBA plans to expand the trial with Telstra, The Shepherd Centre and additional select CBA business customers who meet CBA’s eligibility requirements.
When PayTo is fully launched, eligible CBA business customers will be able to establish PayTo payment agreements as an alternative to direct debit arrangements as well as third party initiated payments like salary disbursements. CBA business customers may also be able to accept PayTo payments in eCommerce environments as an alternative to credit and debit card payments.
With PayTo, CBA business customers may be able to reduce the costs and delays associated with failed payments, as well as improve cash flow and reconciliation because digital PayTo payment agreements allow for near real-time payment processing, contain more information and data than traditional direct debits and requires payer customers to authorise the PayTo payment agreement.
CBA’s partnership with fintech Paypa Plane is part of the Group’s continued investment in its payment ecosystems and the New Payments Platform (NPP).
“We will continue to invest and innovate, working with our partners, to deliver exceptional payment experiences for our customers. The NPP, and in particular PayID® and PayTo, creates the opportunity to build digital, safe, fast, and efficient payment experiences that delight and benefit our customers,” said Mr Teas.
For more information on PayTo, visit: commbank.com.au/digital-banking/pay-to
¹ Founded in 2018 by Simone Joyce and Jonathan Grant, Axis IP Pty Ltd trading as Paypa Plane© is a digital payments provider, delivering a debit solution using digital payment agreements established between the merchant and their customers. For more information visit www.paypaplane.com. CBA has a 19.99 percent shareholding in Paypa Plane.
Disclaimer: Media releases are prepared without considering an individual reader’s objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Applications are subject to approval. Interest rates are correct at the time they are published and are subject to change. Fees, charges and eligibility criteria may apply.
About the New Payments Platform (NPP): The NPP enables smarter, faster and simpler payments for businesses and consumers, including PayID and PayTo, a new digital way for merchants and businesses to initiate real-time payments from customers’ bank accounts. PayID is a registered trademark of NPP Australia Limited. NPPA is a wholly owned subsidiary of Australian Payments Plus. For more information visit www.nppa.com.au.