Commonwealth Bank (CBA) has become the first major Australian bank to enable PayTo payments for CBA customers – a new digital way to authorise payments from a CBA bank account, and the latest initiative from New Payments Platform Australia (NPPA).
As part of the PayTo payer functionality, eligible CBA customers will be able to manage one-off or recurring new PayTo payment agreements within the security of the CommBank App and NetBank, including the ability to view, authorise, pause or cancel payment agreements. Eligible customers include CBA retail and business customers who can access NetBank and/or the CommBank App and have a CBA bank account that CBA has determined to be an eligible bank account to make PayTo payments.
This PayTo payer capability can help provide more control over payments that come directly from CBA customers’ bank accounts, including for regular bills, subscriptions and one-off payments. It may also reduce fraud, as each new digital PayTo payment agreement is authorised through secure banking platforms such as the CommBank App and NetBank.
In another first for a major Australian bank, CBA has also completed a successful PayTo trial with two business customers, Telstra and The Shepherd Centre. CBA partnered with Paypa Plane¹ to trial PayTo for these business customers, enabling them to each create a PayTo payment agreement and receive a payment.