Bankwest introduces PayTo for customers

New feature in lender's transformation

Bankwest introduces PayTo for customers


By Jayden Fennell

Bankwest has increased its digital offering by enabling PayTo in the Bankwest app.

This addition will allow its customers to manage digital payments through the New Payments Platform Australia (NPPA) initiative.

PayTo enables customers to manage one-off or recurring payment agreements within the security of the app, which provides the ability to view, authorise, pause, or cancel payments. The new feature focuses on providing customers with greater control over payments that come directly from Bankwest accounts, with a holistic view of qualifying bills, subscriptions and one-off payment agreements.

Bankwest general manager everyday banking Philippa Costanzo (pictured above) said PayTo works by merchants establishing a payment agreement that could be sent directly to a customer, who could then authorise and manage that agreement through the app.

“The method provides an alternative to direct debit arrangements, as well as third-party payments such as salary disbursements, and could be used in eCommerce environments in place of credit and debit card payments,” Costanzo said. “PayTo could also reduce the costs and delays for businesses associated with failed payments as well as improve cash flow and reconciliation, with the payment agreements processed in near real-time and containing richer data. Bankwest intends on enabling PayTo in online banking in the coming months.”

Costanza said Bankwest was committed to meeting the changing needs and expectations of customers and the launch of the PayTo function was an example of that.

“Customers nationwide are seeking simple, friendly and easy access to their banking services through their mobile phone or tablet device and PayTo enables them to efficiently manage applicable payments via the Bankwest app,” she said.

“We expect broad adoption of PayTo by businesses because of the benefits and efficiencies for them and their customers and we’re excited to have been able to so quickly bring this feature to Bankwest customers.”

The bank is in the process of a digital transformation after announcing it would close its remaining 14 east coast branches and adjust the opening hours of 29 of its Western Australia regional branches on September 23.

Bankwest said this was to address a continued shift in customer preferences toward digital banking options.

The remaining 29 Western Australia regional branches will shift to trading only two to four days a week and on days when the branches are not open, Bankwest regional employees will continue to support customers via Bankwest’s app, online banking and Western Australian based national contact centre.

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