Customer-owned P&N Group, which operates P&N Bank (Western Australia) and BCU (New South Wales and south-east Queensland), has launched PayTo, a New Payments Platform (NPP) service that offers a new way for customers to pre authorise real-time payments to businesses from their bank accounts.
This is the next phase of the Australia-wide New Payments Platform roll out, which has already seen P&N Bank and BCU implement faster and smarter ways of banking through PayID® and Osko® instant payments.
PayTo will provide a fast and secure payment option for merchants and businesses to initiate real-time payments from a customers’ bank account. Merchants can offer PayTo as an alternative payment method for a variety of products and services, such as subscriptions, online or in-app purchases, or authorise third parties to manage payments on their behalf, such as payroll and accounts payable.
P&N Group Chief Financial Officer Patrick Jodas said PayTo would further modernise the way bank accounts are used for payments and underpin new payment innovations for financial institutions for years to come.
“As a customer-owned banking group we are committed to keeping up with industry developments, and the launch of PayTo for our P&N Bank and BCU customers puts us at the forefront of digital banking offerings,” Mr Jodas said.
“We’re focused on making banking easier for our customers and putting more control into their hands so they can get ahead financially. We’re pleased that PayTo is now an additional tool we can now add to our comprehensive digital banking suite.”