commbank.com.au

Commonwealth Bank launches PaidIt platform to speed secure payouts

Commonwealth Bank logoCommonwealth Bank
Sig2.45Sen+4.20Env0.00Soc+2.60Gov+1.70

Commonwealth Bank has launched PaidIt, a platform that helps organisations manage settlement, remediation and refund payouts end to end. Built around recipient verification and a recipient matching engine, it aims to deliver money securely even when details are missing or outdated as Australia phases out cheques in 2028. The service will roll out across business units and to corporate and institutional banking clients, amid ASIC reminders that $2.7 billion remains unclaimed.

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