CBA partners with Paypa Plane to revolutionise payment experience for Australian businesses and customers
Commonwealth Bank has announced a partnership with fintech Paypa Plane to enhance the payment experience for Australian businesses and help them transition to PayTo, while giving consumers more choice and control in how they pay.
PayTo, the next innovation of the New Payments Platform (NPP), will provide a new, digital way for businesses to offer real-time direct debit payments to their customers. It will also give consumers more control and transparency.
CBA will invest new capital in Paypa Plane in exchange for a 20% shareholding in the Brisbane-based company and enter into a partnership to create a superior payments experience.
CBA’s Group Executive Business Banking Mike Vacy-Lyle said, “Our partnership will accelerate CBA’s delivery of PayTo for our business customers and over time, open up other new capabilities to revolutionise the payments experience for businesses and consumers.
“The New Payments Platform is a significant initiative for Australia’s digital economy and has already brought the benefits of real-time payments to consumers and businesses. Today’s announcement is part of our continued investment in our payments ecosystems, and the NPP, to bring the best payments experiences to our customers.”
Paypa Plane’s innovative platform creates a digital link between a business and a payer that provides complete transparency over the life of their payment arrangement. This means it can provide significant cost savings and cash-flow assurance to businesses, as well as in-built compliance and customer care. For consumers or payers, it offers greater self-management and transparency.
“We want to help our business customers offer quality payment experiences that delight their customers, maximise their ability to get paid, and spend less time on administration and collections – leaving more time to focus on growing their businesses. Our partnership with Paypa Plane will help us to innovate faster and better respond to our customers’ needs. We’re looking forward to working together to deliver an exceptional payment experience for businesses and consumers,” said Vacy-Lyle.
Paypa Plane CEO, Simone Joyce (pictured), added, “Our partnership with CBA means together we can bring instant momentum to the delivery of PayTo through the combination of our technology and CBA’s customer base – an important step for the industry and the payments ecosystem. Our partnership represents an important milestone for Paypa Plane, but it also signals a new era for the way both businesses and consumers will be able to think about and manage their payments – which is an exciting outcome for everyone.”