CommBank launches PaidIt to handle remediation payouts

Commonwealth Bank’s venture scaling arm x15ventures has launched PaidIt, a platform for managing remediation payments, refunds and other payouts when recipient contact or account details are missing, incomplete or out of date. The launch comes as Australia plans to end cheque use in 2028.

PaidIt is an end-to-end service that reduces the operational work of tracing beneficiaries and deciding which payments can be processed automatically. At its core is a recipient-matching engine that runs identity and account checks to determine whether a payment can be routed directly or must be reviewed.

The platform uses Australia’s New Payments Platform (NPP), PayID and ConnectID to move funds when digital identity and account links are available. The bank says PaidIt is already in use for internal cases where payment details are missing or outdated.

PaidIt services will be rolled out to more Commonwealth Bank business units and offered to corporate and institutional banking clients in coming months. The platform targets situations in which cheques have been used as a fallback for complex payouts.

“It’s still early days, but the interest we’re seeing from clients is encouraging and reinforces our belief that PaidIt can make a real difference,” Regis Petit, executive general manager for institutional transaction banking at Commonwealth Bank, commented.

The planned 2028 end to cheques has prompted firms to seek alternatives for one-off and remediation payments where recipient contact or account data can be unreliable. PaidIt aims to give organisations greater confidence that funds reach the intended person while reducing time spent on manual tracing and verification. Additional features and wider rollout are expected over time.