Great Southern Bank said has launched PayTo, giving its customers access to the new direct debit alternative.
The bank was reported by iTnews in June to be among the first adopters of the new payments service.
PayTo allows businesses to initiate payments from their customer's bank accounts and was developed by New Payment Platform Australia and the finance industry.
From today Great Southern Bank, formerly CUA, customers will see the service when logging into their accounts.
Customers can now access the services on their personal transaction and savings accounts.
The new functionality allows businesses to set up a ‘PayTo Agreement’ with a customer, who can then digitally permit the agreement for a more secure payment option.
It lets customers view when future payments are due plus make requests to pause or cancel transactions.
Great Southern Bank chief customer officer Megan Keleher said PayTo offers several benefits over current payment options.
“Our customers want simple digital banking - this technology makes it easy for them to have more control and visibility over subscriptions, memberships and recurring payments,” Keleher said.
“PayTo will provide a digital alternative to direct debits and will help customers avoid some of the life admin that comes with setting up recurring payments using their debit or credit card.”
Bendigo Bank stages rollout
Other participants in the scheme say they are working towards go-live.
A Bendigo Bank spokesperson told iTnews it's "proud to be a certified PayTo participant".
"We have begun our staged rollout to customers and look forward to providing all of our customers with access to PayTo soon.”
The PayTo rollout is expected to continue throughout the year and will remove uncertainty from payment processes, reduce fraud and remove “inefficiencies such as dishonours and disputes”.
