Blog

The Australian banking ecosystem is undergoing a technical transformation. With the rollout of the NPP and the upcoming retirement of the BECS system in 2030, both businesses and consumers are getting accustomed to the new ways of doing things. One of the most innovative introductions is PayTo, a real time payment rail that allows for consumers to authorise recurring or one off payments of fixed and variable sums all while controlling the agreement

What is PayTo? How does it work? We answer the most frequently asked questions surrounding PayTo. PayTo is a new, digital way for merchants and businesses to initiate real-time payments from their customers’ bank accounts.

Businesses across Australia in a wide range of industries, including travel, financial services and lending, and healthcare are embracing the efficiency and convenience that PayTo offers. We asked some of our clients to share their experience and the tangible benefits of PayTo.

Rosie Slaughter, Senior Growth Manager at Monoova, shares her own experiences with childcare payments and how Monoova can address the current challenges faced by centres as well as childcare management platforms.

In 2023, we saw the launch of PayTo, a new digital payment solution that enables businesses to initiate real-time payments from their customers’ bank accounts and gives consumers increased visibility and control over their payments from their banking app. Currently, Monoova is one of the largest issuers of PayTo agreements in Australia. Monoova hosted a panel discussion with commentary from both leading industry experts and clients who are currently using PayTo, exploring the origins and benefits for both merchants and consumers, first-hand client experiences as well as considerations for businesses thinking about adopting PayTo.

"Without the API that Monoova provides, things like BPAY, direct debits, bank transfers, we would have to integrate and build all the componentry around it individually. With Monoova, we can just plug into 1 API and we can gain all that functionality. So there's a lot of cost saving in the go to market process for us rather than having to build all supporting infrastructure around those processes." Tristan Dakin, Country Manager, Australian & New Zealand explains how Monoova has been instrumental in providing the key payments infrastructure to send money internationally for their Australian clients.

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 so we've put together a handy list of banks that are currently live with PayTo.

PayTo is the first piece of account-to-account payments infrastructure in Australia that enables customers to authorise third parties to initiate recurring and one-off real-time pull payments from their accounts. With more banks going live with PayTo, it will modernise Australia’s financial services system in a way not seen before, and will see increased adoption from customers and business alike. David Grant, Growth Manager, Monoova shares some the common misconceptions and misplaced assumptions about PayTo he has come across in recent conversations.

Speed, convenience and efficiency are among the most important elements of a great customer experience. With PayTo you can achieve, secure, real-time, reliable payments that not only help your business run more smoothly but also brings those CX goals to life.

Is PayTo something you should be looking at for your business? Here's our handy checklist to help you decide whether you're ready for PayTo. If you are currently handling a large number of debits and payment agreements with your customers then yes, it’s likely PayTo could bring efficiencies to your business.