CommBank rolls out payout platform in advance of cheque phase out

Commonwealth Bank (CommBank) is introducing a new platform called PaidIt to replace traditional cheque payments. As the industry moves away from physical cheques, this tool helps businesses handle high-volume payouts like customer refunds, insurance claims, and remediation payments. For retailers and service operators, this means moving away from the slow, manual process of mailing cheques and dealing with lost mail or expired payments. The platform allows businesses to send payments using just a customer's mobile number or email address. Customers then choose how they want to receive the funds, such as through a bank transfer or digital wallet. This automation reduces the administrative burden on your back-office team and speeds up the time it takes for a customer to get their money back. Faster refunds generally lead to higher customer satisfaction and trust, especially in high-ticket industries like home improvement or automotive where refund amounts can be significant. By digitizing this process, businesses also gain better tracking and reporting capabilities compared to the 'send and pray' nature of physical mail.

Source: Finextra — Lending

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