AU Payroll - Option to add PayID for bank payment details
Xero Payroll - Bank payment details - is currently restricted to BSB & Account Number.
This needs to be expanded to allow for PayID details as more and more employees utilise this.
Jason Plompen
shared this idea
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Jon Lee
commented
Bumping this for FY 24/25! PayID is the way forward in Australia and makes sense in almost every aspect.
For compliance and security and durability, it was devised (and is maintained) by our major financial institutions with government oversight.
For accounting functions of any size, it replaces 'meaningless identifiers' (BSB, Acc No, etc) with more immediately verifiable ones (ABN, email, mobile), and provides immediate verification with just the identifier.
For our local SMBs, it provides immediate (usually) transfer of funds, and is free of processing fees to consumers and businesses. These fees add up quickly for small guys.
Like Laila said *last year*, definitely a no-brainer!
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Laila Bazzi
commented
With cyber security such a critical risk for organisations and individuals, PayID is a no brainer.