Bankwest has bolstered its digital offering by enabling PayTo in the Bankwest app, allowing customers to efficiently manage digital payments through the New Payments Platform Australia (NPPA) initiative.
PayTo enables customers to manage one-off or recurring payment agreements within the security of the Bankwest app, providing the ability to view, authorise, pause, or cancel payments.
The new feature centres on providing customers with greater control over payments that come directly from Bankwest accounts, with a holistic view of qualifying bills, subscriptions, and one-off payment agreements.
PayTo works by merchants establishing a payment agreement that can be sent directly to a customer, who can then authorise and manage that agreement through the Bankwest app.
The method provides an alternative to direct debit arrangements, as well as third-party payments such as salary disbursements, and could be used in eCommerce environments in place of credit and debit card payments.
PayTo could also reduce the costs and delays for businesses associated with failed payments, as well as improve cash flow and reconciliation, with the payment agreements processed in near real-time and containing richer data.
Bankwest intends on enabling PayTo in online banking in the coming months.
Bankwest General Manager Everyday Banking Philippa Costanzo said: “Bankwest is committed to meeting the changing needs and expectations of customers, and our launch of the PayTo function is an example of that.
“Customers nationwide are seeking simple, friendly and easy access to their banking services through their mobile phone or tablet device, and PayTo enables them to efficiently manage applicable payments via the Bankwest app.
“We expect broad adoption of PayTo by businesses because of the benefits and efficiencies for them and their customers, and we’re excited to have been able to so quickly bring this feature to Bankwest customers."
Bankwest’s vision is to deliver brilliant customer experiences every day and our purpose is to build a brighter future for all. Bankwest provides personal and business banking solutions for customers across Australia. Our customers enjoy access to an extensive network of branches and business centres, direct and third-party distribution channels, agencies and electronic banking facilities, as well as 24-hour banking on the telephone, internet and app. Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945.