Commonwealth Bank authorizes PayTo digital payment
Commonwealth Bank has implemented PayTo access payment technology to digitally authorize customer payments from their accounts.
Yesterday, iTWire reported that Great Southern Bank has also implemented PayTo to provide customers with a digital alternative.
As part of the PayTo payment functionality, CBA customers will be able to manage new one-time or recurring PayTo payment agreements within the security of the CommBank app and NetBank.
Customers can view, authorize, suspend or cancel payment agreements.
Eligible customers include ABC retail and business customers who can access NetBank and/or the CommBank application and who have an ABC bank account.
PayTo can help better control payments coming directly from customers’ bank accounts, including regular bills, subscriptions, and one-time payments.
It can also reduce fraud, as each new PayTo digital payment agreement is authorized through secure banking platforms such as the CommBank app and NetBank.
The ABC has also completed a PayTo trial with its two business customers Telstra and The Shepherd Centre. It partnered with Paypa Plane to test PayTo for creating and receiving payments.
Since PayTo for beneficiary CBA business customers is in the trial phase, it is currently not widely available. The ABC plans to expand the trial with Telstra, The Shepherd Center and other selected ABC business customers who meet the ABC’s eligibility criteria.
“The trial transactions we have undertaken with two of our business customers are proof of the benefits that could be offered to the wider business community, and we look forward to working with our partners to make PayTo a driving force. positive change in the months and years to come,” said CBA Executive Director General of Payments Ethan Teas.
“The New Payments Platform Australia (NPPA), and in particular PayID and PayTo, creates the opportunity to create digital, secure, fast and efficient payment experiences that delight and benefit our customers,” added Teas.
“Our customers want payments to be simple, secure and fast. They lead busy lives and want clear visibility into all the payments they have in place, and the ability to make changes quickly and easily,” said Telstra CFO Steven Fousekas.
“We hope PayTo will offer our supporters a new way to donate in the future and we are delighted to be one of the first charities in Australia, if not the first, to receive a donation via PayTo in the part of the ABC trial,” Shepherd Center CEO Jim Hungerford said.
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