Pay by Bank (PayTo)
Pay by Bank (PayTo) can be used to support eInvoicing so businesses get
paid faster.
Pay by Bank (PayTo) supports straight through processing for businesses when paying their eInvoices and a more seamless customer experience.
Pre-authorised payments are processed in real-time with funds immediately available in the recipient's bank account
Pay by Bank (PayTo) is always available, processing payments 24/7, every day of the year, with no cut off times.
Use of PayID enables simpler addressing and confirmation of payee to help reduce mistaken payments and fraud.
InvoPay’s Pay by Bank (PayTo) product leverages the banking industry’s PayTo technology to enable bank account to account payments in real time.
Customers can receive the same speed and convenience they get with cards using Pay by Bank (PayTo). Customers simply confirm agreements in their own banking app. One of the major benefits is the significant savings by avoiding expensive credit card bank fees. Merchants also improve their cashflow with real time settlement.
InvoPay offers customers greater simplicity and security of PayTo as they can use their bank assigned PayID instead of a bank account and BSB number. Using an easy-to-remember PayID for a PayTo payment enables customers to quickly verify the merchant’s account in a more secure transaction.
InvoPay has successfully processed live PayTo transactions from February 2023.
