GoCardless, a provider of direct bank payment solutions, has announced that PayTo, an instant account-to-account payment mechanism, is now available in the market and is expected to eventually replace Australia’s current Direct Debit network in the next three to five years.
PayTo enables companies to send quick, confirmed payments from their clients’ bank accounts, but the client now has complete control and visibility over billing since they may approve payments from their banking app or online account. Any agreement will be visible to the customer in their banking app once it has been approved. The technology has the ability to significantly lower failed payments, merchant expenses, fraud, and hidden fees.
GoCardless, General Manager of Australia and New Zealand, Luke Fossett, said the GoCardless team are thrilled to have gone live with ‘the future of payments’.
“This is a significant milestone for us as we’ve been huge advocates for PayTo since its design and inception a few years ago. We launched PayTo Uni earlier this year with the goal of playing a significant role in the education of PayTo. What it is, why it exists, and the benefits of this technology. To now successfully be helping merchants in Australia and around the world to easily make PayTo available gives us great pleasure,” he added.
Some financial services in Australia are already “PayTo ready,” but GoCardless is the first company of its size and stature to launch the payments infrastructure, providing the new payment network alongside its Direct Debit product. Due to its ability to coexist side by side with traditional Direct Debit, GoCardless is now able to offer a variety of extra features, including foreign payments, refunds, and more. As of right now, businesses that join GoCardless can add PayTo to their payment technology stack right now.