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Westpac launches PayTo for billers
3 April 2024
Westpac has turned on its proprietary PayTo digital payments capability for institutional and commercial payees, with other business customers to follow by the end of the year.
Jeff Byrne, Managing Director, Global Transaction Services, Westpac said “With the sun setting on traditional direct debits that require a great deal of administration for billers, this is great news for our customers.
Westpac launched PayTo capability for consumer payers in April last year. However, it is the introduction of the billers functionality that means the benefits of PayTo can now be realised.
Individual customers
PayTo puts the control back in the hands of individual customers who can view, authorise, cancel or pause their digital payment agreements in online banking or mobile banking.
“Particularly now with cost-of-living pressures, people are looking for ways to have better visibility and manage their cash flow. The ability to control payments instantly, from a mobile device in real time is a powerful and positive change,” said Mr Byrne.
Institutions, corporate and government customers
“For our institutional and corporate customers, PayTo offers an efficient and secure way to collect payments, as well as the potential to reduce the risk of errors and fraud.
“PayTo is integrated with Westpac’s digital receivables platform QuickStream, so our larger corporate customers have a consolidated view of payments in a platform environment they already know and trust,” said Mr Byrne.
QuickStream now caters for PayTo, debit and credit cards, traditional direct debits and helps customers simplify the process of reconciling very large volumes of payments across multiple payment schemes.
“The big change for many firms is that they will be able to manage cash flow in near real-time, as they will receive payments instantly, where some forms of payments now can take a few days’, said Mr Byrne.
The release of PayTo is another step in Westpac’s investment to provide more businesses with the speed and productivity benefits of real time payment services.
For more information about PayTo
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