PayID registration is optional. You can send payments to a PayID without having one yourself, and you can still use BSB and account number to receive payments if you'd like.
There are four types of PayID:
CommBank currently offers PayID registration for mobile number, email and business number.
There are a number of CommBank accounts which can be linked to your PayID.
You can only make single Fast Payments at the moment. This will be available in the future.
Fast Payments are available 24/7, 365 days of the year and will typically be settled in under 60 seconds. Payments may be subject to checks and holds at the sending or receiving bank.
This is your own unique way of identifying any Fast Payments you make that can help identify and reconcile payments, like an invoice number
For now, you’re not able to store PayIDs in the CommBiz address book.
We’re focused on expanding the capability of Fast Payments in CommBiz e.g. to include batch and file payments. We’ll provide further updates as this work progresses.
1 Some BSB and/or account numbers of other financial institutions are not eligible to receive Fast Payments. In this instance, when processing a Fast Payment you will be advised to choose a different payment method.