PayTo is not a solution for the future, it’s a solution for now. ANZ, CBA, Westpac and more recently NAB have all switched on PayTo. Whilst some institutions are still completing testing, PayTo availability for business and consumer, along with transactions and adoption, is growing at pace. So, there’s no need to wait any longer to get started with PayTo.
Some of Monoova’s clients were PayTo early adopters and successfully started receiving thousands of PayTo agreements within the first few weeks of making PayTo a payment option, even when CBA was the only one of the big four banks live.
There are now 22 banks and institutions who have switched on PayTo, here is the latest list as of 21st September 2023.
- Australian Central
- Australian Military Bank
- Australian Unity Bank
- Bank Australia
- Beyond Bank
- Community First
- Credit Union Australia
- Heritage Bank
- Northern Inland CU
- Police & Nurses
- QLD Country Bank
- Regional Australia Bank
- Teachers Mutual
What is PayTo?
Established by New Payments Platform Australia (NPPA) and backed by the RBA, PayTo is the new and improved, real-time alternative to traditional direct debits. How is it improved? Depending on your business requirements, PayTo can deliver a superior payments experience for your customers and improve operational efficiencies.
PayTo can be used for:
- Recurring billing
- One off payments
- Account funding
Easy onboarding and real-time account validation
New customers are sent digital agreements directly to their existing online banking or mobile app, which they can sign through the app (also, known as an ‘authorisation’). No lengthy forms to complete for the customer, and with details immediately validated there are no undiscovered manual data entry errors for the business. The instant authorisation capability ensures that you know from the business side, that the customer detail is valid, reducing any doubt that the first transaction details are incorrect.
With PayTo, debited payments from your customers account are settled in your account in seconds. Built on the New Payments Platform (NPP) real-time rails, PayTo delivers instant transactions 24/7 365 days a year.
No bounced transactions
Because the availability of funds is checked in real-time before a debit is attempted, there is hardly any delay discovering if a debited payment cannot be made. You will be automatically notified immediately so you in turn, can act quickly and prompt your customer.
PayTo agreements may contain information unique to each customer, making reconciliation quick and simple, reducing the number of orphaned payments, saving your business time and resources.
PayTo case study
Wagepay, was one of our first clients to enable PayTo for their customers in February 2023. Direct debit accounted for about three quarters of their repayments with typically a 24-48 hour wait for them to receive those funds. Within the first few weeks they received over 3000 signed customer PayTo agreements, allowing them to receive funds within seconds and this is before all of the major banks were live with PayTo.
How to get started with PayTo
Monoova is the payment provider to deliver PayTo at scale. As a trusted NPP PayTo connected institution you can access PayTo through simple integration with our API and add into your existing payment infrastructure.
Our service sets us apart from the competition. As a Monoova client you will have a dedicated local team ensuring you have the support you need at every step of the way.
Jump in the PayTo sandbox
Take a peek behind the curtain and register for the developer portal. This will give access the PayTo sandbox, and you can see for yourself how simple the integration can be.
Monoova Payments Pty Ltd (ABN 38 126 015 227) trading as Monoova (“Monoova”) is the authorised representative of Monoova Global Payments Pty Ltd (ABN 77 106 249 852; AFSL No. 421414 ), the issuer of the Combined Financial Services Guide & Product Disclosure Statement Non-Cash Payment Products and Services dated 20 September 2023. (FSG/PDS). This information is given in summary form and does not purport to be complete. To the maximum extent permitted by law, Monoova does not assume responsibility for, the content, accuracy or completeness of the information presented. Before acting on any information you should consider the appropriateness of the information having regard to these matters and seek independent legal, financial and tax advice. To the extent that the information contained above is sourced from third parties or provides link to third party websites, Monoova takes no responsibility for the accuracy, currency, reliability and correctness of any information included in the material provided by third parties nor for the accuracy, currency, reliability and correctness of links or references to information sources (including internet sites) operated by third parties.