(15 September 2022 – Australia) CommBank is the first Big Four major to activate New Payments Platform Australia (NPPA) “PayTo” system, enabling customers to authorise recurring payments from within their banking app.
Customers will have the ability to view, authorise, pause or cancel payment agreements via their internet banking platform or mobile app. Telstra used PayTo to create a payment agreement to enable a customer to make a bill payment while The Shepherd Centre applied PayTo to a payment agreement to enable a donor to make a donation.
When PayTo for businesses is fully launched, companies will be able to establish it 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 eCommerce payments as an alternative to credit and debit card payments.
“PayTo has the potential to revolutionise payments in Australia. We’re delighted to be at the forefront of this as the first major Australian bank to offer the PayTo capabilities for our payer customers, and to trial the capabilities for our business customers” said CBA Executive General Manager, Payments, Ethan Teas.