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  1. AU Payroll - Option to add PayID for bank payment details

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    2 comments  ·  Payroll & expenses » Payroll  ·  Admin →
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    Not in pipeline  ·  AdminSophie Lewis (Admin, Xero) responded

    Hi there, we appreciate you raised this a little while ago. This isn't something we have plans for in the near term.

    Not getting a lot of support from other members we’ll soon remove this from Product ideas. If it’s still highly valuable to you, welcome to start it again and see if it gets renewed interest.

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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!

    Jon Lee supported this idea  ·