Digital real-time payments were boosted in Australia this month when Commonwealth Bank of Australia (CBA) became the first of the country’s ‘big four’ banks to enable PayTo payments. The system provides business and personal account holders with a digital means of authorising payments from their bank account and grants customers the ability to authorise recurring payments from within the banking app.
Developed by open access payments infrastructure platform NPP Australia, in collaboration with financial institutions, fintechs and payment service providers, PayTo can be used for in-app and e-commerce transactions, including one-off, ad hoc or account-on-file payments.
