Great Southern Bank offers PayTo to its customers
The customers of customer-owned Great Southern Bank now have the new payments technology PayTo available to them online.
Utilising the new payments platform (NPP) – the same secure system used for PayID and Osko payments between individuals - PayTo provides customers with a real-time alternative to traditional direct debits and credit or debit card payments.
Megan Keleher, chief customer officer at Great Southern Bank, says PayTo offers several benefits over existing payment options.
“Our customers want simple digital banking and this technology makes it easy for them to have more control and visibility over subscriptions, memberships and recurring payments,” she says.
“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.”
Customers receive a payment request that they can digitally accept within online banking. Once accepted, the customer can see exactly when the next payment is due and the amount to be debited. This gives more power to customers to view and manage their recurring payments in one place, including making requests to pause or cancel payments.
PayTo will help customers to avoid scheduled or recurring payments failing – and the dishonour fees that often come with that – because their credit card limit is reached or the card has expired.
And, because the upcoming payment is displayed in online banking, customers have better visibility to proactively check they have enough money in their account for upcoming payments.
Great Southern Bank expects PayTo’s popularity to grow in the long-term as more businesses sign up to offer it as a payment option and consumers become more familiar with its advantages.