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CommBank Launches PaidIt Platform for Payments as Cheques Phased Out

Commonwealth Bank logoCommonwealth Bank
Sig2.85Sen+3.70Env0.00Soc+2.25Gov+1.75

Commonwealth Bank has launched PaidIt, a platform to help organisations manage refunds, settlements and remediation payments as Australia phases out cheques in 2028. PaidIt uses recipient verification and a matching engine to determine which payments can be delivered automatically and which need review, combining verification, communications and payment delivery. The bank notes ASIC holds about A$2.7bn in unclaimed money and plans a broader rollout via its x15ventures arm.

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