Commonwealth Bank Australia in partnership with fintech Paypa Plane

Mike Vacy-Lyle, Commonwealth Bank Australia's Group Executive for Business Banking

CBA has partnered with Paypa Plane to enhance the payment experience for businesses and help them transition to PayTo, giving clients more choice and control in paying.

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 in strategic partnership with Paypa Plane

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 welcomed the partnership.

“Our partnership will accelerate CBA’s delivery of PayTo for our business customers and open up other options to revolutionise the payments experience for businesses and clients.”