Latest news with #PayTo
Finextra
20-05-2025
- Business
- Finextra
Citi connects with PayTo for A2A payments in Australia
Citi announced today that it is live with PayTo initiator, enabling its clients to access a faster, cost effective, and more secure alternative to credit cards, debit cards or direct debits. 0 Through PayTo, Citi's institutional clients can initiate account-to-account pull payments. This means clients' customers can pay directly from their bank account, in real-time, enabling a transparent and instant process for clients. PayTo offers Citi clients seamless reconciliation and fee reduction benefits as it reduces reliance on card fees and decreases the likelihood of chargebacks. PayTo can be used for everyday transactions such as in-app payments or e-commerce payments, outsourced payroll, utility bills, flight bookings, subscriptions and digital wallet top-ups. 'Our clients want smarter payments solutions, and PayTo is a cost effective, transparent and secure solution. Through PayTo, we're truly giving our clients access to the future of payments. We anticipate strong take-up of this offer as clients welcome the benefits for themselves and their end customer,' said Kirstin Renner, Citi Australia and New Zealand Head of Treasury and Trade Solutions, Services. 'As we progress toward an increasingly 24/7, digital-led economy, we are focused on delivering innovations for our clients that will keep them at the forefront of technological change in payments.' This offering is the latest in a suite of innovative solutions offered by Citi's Services business, including Spring by Citi, an end-to-end digital payments service enabling e-commerce and B2B funds flow globally and Real-Time Funding for cross-border transactions for corporate clients. Services serves 19,000 clients, including 85% of the Fortune 500. It generates over half of Citi's deposits and processes close to $5 trillion every day.
Yahoo
06-02-2025
- Business
- Yahoo
Pay.com joins forces with Volt for real-time payments
Payments orchestration infrastructure firm has picked real-time payments platform Volt as its strategic open banking partner. Under this partnership, merchants in wealthtech, retail, and iGaming industries will gain access to Volt's Instant Bank Transfer solution, allowing their end-users to make payments from their bank account in real-time. Going beyond the simple integration of Volt's open banking solution, has developed features to foster consumer adoption and trust. By pre-authorising credentials, the platform can identify end users and present banking options tailored to their financial profiles, simplifying the payment initiation process. Merchants on can now utilise Volt's Software Development Kit (SDK), which allows consumers to complete bank payments directly on the merchant's app or website. This integration minimises redirects and aims to enhance conversion rates. Partnerships global head Kim De Jesus said: 'Partnering with Volt has been a remarkable experience. The agility and efficiency demonstrated by both organisations allowed us to go from signing to launch in under a year, a testament to our shared commitment to delivering exceptional solutions. 'This partnership reinforces position in the open banking payments ecosystem, enabling us to capitalise on growth opportunities alongside Volt. Together, we've emphasised the importance of speed, trust and technology accessibility and their direct impact on merchants and the overall payments ecosystem. Ensuring relevance throughout the payment process is crucial, as it remains a key driver in reducing transaction abandonment and fostering trust.' Based in London, Volt also has offices in Berlin, Warsaw, Kraków, Sydney, and São Paulo. The company's network connects domestic account-to-account schemes under a unified standard, servicing 31 markets across the UK, the EU, Brazil, and Australia. offers a cloud-based payments orchestration infrastructure that acts as a central hub to optimise, route, and manage global payments. In April last year, Volt launched its secure, PayTo based, one-click payment solution for its retail customers in Australia. " joins forces with Volt for real-time payments" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
31-01-2025
- Business
- Yahoo
Game-changing shift to eliminate surcharges: 'Significant milestone'
Amazon has teamed up with NAB to offer a game-changing new way to pay for all your items. Traditionally, when you want to buy something off the e-commerce juggernaut, you'll have to put in your card details. But the new Pay by Bank (PayTo) method makes the whole process more streamlined, safer, and eliminates nasty surcharges. RMIT's associate professor of finance Dr Angel Zhong told Yahoo Finance that this could be the way of the future for online shopping. "I think this is a significant milestone in digital payments in Australia because it leverages our built-in payment infrastructure so the customer can make direct and secure payments from their bank account, which is quite important because you don't need card details," she said. "This simplifies the checkout process that also aligns with growing consumer demand for instant cardless solutions." Chemist Warehouse's controversial cashless move to avoid $15 million fee Under-pressure landlords offering up to $11,840 of free rent in major 'pendulum swing' Retirees face $9,000 tax hit due to overlooked superannuation move: 'Big missing piece' Amazon has introduced NAB's Pay by Bank (PayTo) capability to the Australian wing of its business model. A spokesperson told Yahoo Finance that while the integration is with NAB, the technology will be available to 95 per cent of retail bank accounts in Australia. Instead of typing in your card details at the checkout or using one of the cards stored on your account, you can select the PayTo option. This will open a new window that connects to your online bank have to input your login details and then you might have to set a spending limit when you use it for the first time. Once you're all set up, you'll be able to make purchases on Amazon that act more like a bank transfer rather than using your card. This will ensure that if you normally use your debit card for purchase, you won't incur a surcharge. "This is a cost-efficient alternative to traditional account payments because it bypasses interchange fees," Zhong told Yahoo Finance. "So it is an attractive option for not just for Amazon, but other businesses in the future." Visa announced back in 2022 that it would waive all credit card surcharges for Amazon purchases. The PayTo technology not only reduces fees but can also protect people against fraud as their card details won't be stored on Amazon's systems. 'By integrating our new Pay by Bank (PayTo) capability into its Australian store, Amazon is providing its customers with a new, easy, and secure way for them to pay, while at the same time delivering a cost-efficient, instant payment solution for its business," NAB Executive, Enterprise Payments and Technology Modernisation, Shane Conway said. 'Once Amazon shoppers add and approve PayTo as a payment method via their online banking, there will be no need for them to remember card, account, or reference details. It's super simple." The PayTo technology is another way that Australia is adopting new ways of paying for items. Last year, Chemist Warehouse was one of the biggest companies to hop on the QR code form of payment. Customers will be able to point their smartphones at the code at the checkout counter and pay for their items in the same way as a bank transfer. The move is designed to cut down on the $15 million in annual fees that the pharmacy giant pays to accept card payments and will be available in stores across the country this year. Zhong told Yahoo Finance that these methods will likely trickle down into much smaller businesses after seeing the likes of Amazon and Chemist Warehouse jumping on the bandwagon. "PayTo has the ability to offer a lower cost for all merchants, not just the big ones," she said. "Australia's retail payment system has been evolving and developing very quickly to pick up with the increasing use of digital payments. "Now that Amazon is on board, I foresee that we'll see this method being used more and more in other businesses."
