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!
Jon Lee
supported this idea
·
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!