Commonwealth Bank (CBA) has introduced PaidIt, a platform intended to help organisations handle payouts including settlements, remediation payments and refunds.
Its release comes as Australia moves towards ending cheque use in 2028, leading organisations to review payment processes where recipient information is absent, incomplete or no longer current.
PaidIt combines recipient verification, communications and payment delivery within one system, allowing organisations to manage payouts through the full process, including cases where recipient details are incomplete.
The platform includes a recipient matching engine that uses identity and account checks to assess which payments can proceed automatically and which should be reviewed further.
CBA said workflow tools are intended to give teams clearer oversight and control while lowering the need for manual handling.
PaidIt uses Australia’s payments and digital identity systems, including the new payments platform, PayID and ConnectID.
The bank said the median time from a recipient beginning a claim to funds reaching their account is under two minutes.
PaidIt is already being used within the bank in some instances where payment details are missing or outdated, with further functions due to be added over time.
The product was developed by x15ventures, CBA’s venture scaling arm, and is set to be introduced to more CBA business units and offered to corporate and institutional banking clients in the coming months.
PaidIt managing director Maja Enander said: “Managing any kind of payout can be complex, but things become so much harder when you don’t have complete or current information about the person you’re trying to pay.
“No one really benefits in these situations. While organisations often invest considerable effort and resources trying to complete the payment, it can be weeks, months – or even years – before people receive money they’re owed, with some funds ultimately remaining unclaimed.
“Our ambition is to help organisations navigate that process with less complexity and greater confidence that every cent can find its rightful owner.”
In April, the bank made headlines for setting plans to eliminate 119 positions in Australia.
According to the Finance Sector Union, six of those roles are directly linked to automation.
The union also noted that 43 of the affected jobs are at Bankwest, which CBA acquired in 2008.
“Commonwealth Bank unveils payout platform ahead of cheque exit ” was originally created and published by Retail Banker International, a GlobalData owned brand.