Commonwealth Bank customers can now send and receive payments in near real time with other financial institutions through the New Payments Platform which launches today. Customers can register a PayID through the CommBank app removing the need to provide their BSB and account number for funds transfers from other participating financial institutions.
The New Payments Platform is a new payments infrastructure designed and built by members of Australia’s financial services industry, including Commonwealth Bank, which allows cash to be transferred near real time between accounts across different financial institutions.
Commonwealth Bank Executive General Manager, Digital, Pete Steel, said Commonwealth Bank is proud to be among the first Australian banks to offer the Platform to customers.
“As the first major bank to offer real time banking to customers in 2010, we welcome payment solutions that make it faster and easier to send and receive money between Australians. With more than $6 billion of transactions across the CommBank app each week, we are pleased to be one of the first Australian banks to offer our customers a way to receive and make payments near real time from other financial institutions.
“We are committed to delivering a safe, high quality option to our customers. We have offered instant payments between our customers for some years now and we look forward to seeing the take up across the industry now that the Platform has launched.”
Mr Steel noted that the platform integrates seamlessly into CBA’s current real time banking offering which extends across the bank’s products and has been designed to operate 24/7, with zero downtime.
“We have used our previous experience deploying and running real time systems to design and integrate this new way to pay. Our new, simplified modular architecture enables our payment services to be easily extended and we have plans in place to evolve and grow our offering as the Platform matures.”
The Platform will initially be made available to customers via the CommBank app. To receive near real time payments customers can register their mobile number as their PayID, a new payment addressing service that replaces the need to remember BSB and account numbers.