In the ever-evolving world of financial services, innovation driven by consumer demand and Australian-mandated obligations continue to be the driving force pushing our businesses forward.
The PayTo initiative is a key part of the New Payments Platform (NPP) that is set to modernise direct debits, provide an alternative to card payments, and give customers greater control over their payments.
The system is designed to allow customers to manage recurring payments in bank apps and pay directly via bank accounts, and is designed to reduce payment costs for retailers.