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Commonwealth Bank rolls out PaidIt payout platform for missing recipient data
The bank says PaidIt can move funds from a recipient claim to account delivery in under two minutes, using identity and account checks to automate eligible payments.
Commonwealth Bank (CBA) has launched PaidIt, a platform designed to help organisations manage payouts such as settlements, remediation payments, and refunds.
The rollout comes as Australia moves toward ending cheque use in 2028, prompting organisations to revisit payment processes where recipient information is absent, incomplete, or out of date.
PaidIt integrates recipient verification, communications, and payment delivery in a single system, using a recipient matching engine based on identity and account checks to determine which payments can proceed automatically versus those requiring further review.
CBA said median time from a recipient beginning a claim to funds reaching their account is under two minutes, and that PaidIt is already used internally in cases with missing or outdated payment details. The platform was developed by x15ventures, CBA's venture scaling arm, and is expected to expand across CBA business units and be offered to corporate and institutional banking clients over the coming months.