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Bank PayID

Experienced Cover User Susan_Murray
15 Posts
Experienced Cover User
Australia
Susan_Murray
Experienced Cover User

15Posts

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Bank PayID

Hi,

With the major banks implementing PayIDs with payments, where is MYOB at which having this information incorporated with being recorded against suppliers & employees and then outputed into an .aba file?

Thanks,

Susan

5 REPLIES
Contributing Cover User Gus2reddog
15 Posts
Contributing Cover User
Australia
Gus2reddog
Contributing Cover User

15Posts

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Re: Bank PayID

Yes great question. I have employees asking if we can use PayID as they may recieve wages quicker. Will MYOB offer this option?

Experienced Cover User Ncteseeds
17 Posts
Experienced Cover User
Australia
Ncteseeds
Experienced Cover User

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Re: Bank PayID

Would be great if we could have an update on this.  I received a notification on my app from my bank to set this up, so it must be close to being available?

Experienced Cover User BernardM
33 Posts
Experienced Cover User
Australia
BernardM
Experienced Cover User

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Re: Bank PayID

I'd forgotten about employee pays - they'll appreciate that. Also payments from clients. I mandate payment up front so prompt payment advice will be terrific. Haven't heard anything from Westpac about PayID for businesses.

Contributing User RawLine
8 Posts
Contributing User
Australia
RawLine
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2Kudos

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Re: Bank PayID

Add pay ID option to an invoice payments can be setteled in real time.

 

Customers will be shown the name of your business which means they are less likely to make a mistake when seeking to make a payment. This is great, however,  I thought this function already existed when making a payment to an institution - well - some anyway. Commbank provides the ability to keep an address book of those who you receive money from and who you make payments to. This reduces the possibility of misallocating funds to the wrong organisation. However, it does take time for the funds to be processed.

 

So, what is it about PayID that makes it so instant when a transaction has taken place electronically. I kind of like the idea of a lay period between transactions. What will this mean for the Accounts receivable clerk? Will it place an overwhelming burden on them or will the impacts reflect a more optimistic future? What are other people's experiences so far?

MYOB Moderator Hayden_B
1,131 Posts
MYOB Moderator
Australia
Hayden_B
MYOB Moderator

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Re: Bank PayID

Hi all (@Susan_Murray @RawLine @BernardM @Ncteseeds @Gus2reddog)

I apologise for the lack of response on this topic, I have been in touch with our Product teams and there is currently a discussion on how best to approach the New Payments Platform within our Products & Services.

 

Currently I don't have any extra information for you, though I will continue to update this space as soon as I have any information we have on this to keep you all in the loop.

 

For Forum Users who would like to check this space, you can Subscribe to this thread for updates by clicking the Subscribe button in the top right.

 

If you have any questions before this, please feel free to reach out.

 

Cheers,
Hayden
MYOB Partner/Social Support

Cheers,
Hayden
MYOB Forum Support
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