Over 50 organizations have adopted the PayTo digital direct debit service, with banks and financial institutions set to meet an April activation deadline.
Developed by NPP Australia, PayTo enables businesses to initiate payments from customers’ bank accounts under a “PayTo Agreement.”
It began rolling out last June, and customers are expected to have access to the service by the end of April. Multiple banks, including Commonwealth Bank of Australia, Bendigo and Adelaide Bank, and Great Southern Bank, are already live with PayTo, while others are completing readiness testing.
The remaining banks and financial institutions not yet onboard are progressing well towards going live in the coming months.
Around 40 organizations have already enabled PayTo for their payer customers, while another 12 are offering payment initiation services and considering various use cases. Eventually, PayTo will be rolled out by roughly 105 NPP participating organizations.