How PayTo prepares the way for open banking payments
PayTo can be combined with CDR data sharing, as a forerunner to open banking payments.
Australians increasingly expect that payments should be instantaneous. Yet T3 – that three day wait for money to come through – is an unwelcome reminder that bank account to account payments are lagging behind and need to catch up with modern life. PayTo is an exciting development in Australian payments that is expected to go live in mid 2022. It's a new method of third party payment initiation that will allow merchants to request real-time payments from customer bank accounts and it will also give customers better visibility and control of their upcoming payments. It's set to become a forerunner of open banking payments, giving Australian businesses and consumers a taste of the benefits that are already available in the UK and Europe.