Introducing PayTo

Teachers Mutual Bank is introducing PayTo, a new digital payments service that enables you to pre-authorise one-off or recurring near real-time payments from an eligible bank account to a Merchant, business or institution.

PayTo gives you visibility and control over payments from your eligible bank account. You can see all your PayTo Agreements with the bank in one secure place. You can also pause, resume or cancel a PayTo Agreement through your Internet Banking.

PayTo arrangements are an agreement between you and an authorised third party – a business, Merchant or institution. That third party creates the PayTo Agreement in a safe, secure way. You then provide explicit authorisation for that near real-time payment to be made from your Internet Bank account before any payments are processed.

PayTo Agreements can include:

• scheduled, recurring payments
• subscription services
• service providers, e.g. payroll, accounting
• in-app payments
• in-store payments
• one-off payments.

Teachers Mutual Bank is participating in the New Payments Platform, which the banking sector has been developing for a number of years. This has started to transform the way we pay friends and family, businesses and government agencies.

The New Payments Platform offers Osko by BPAY, PayID and PayTo, each of which are available to Teachers Mutual Bank members.

Fast, convenient, simple and secure—Osko by BPAY, PayID and PayTo make banking easier.

• It’s fast. Payments are made in near real-time.

• It’s convenient. No wait or delays. Available 24/7, 365 days a year.

• It's simple. It's easier to remember a PayID rather than a BSB and account number. Which means getting paid is much simpler.

• It’s secure. Each payment needs to be approved by you before it can go through, giving you more security and control over the payment.

You can create your PayID simply by logging into online banking—this will allow you to receive payments using mobile phone numbers or email addresses without any need to disclose your BSBs and account numbers. For users, no more having to remember or ask for BSB and account numbers. This simplified payment process links your mobile phone number and/or email address to your bank account making it quicker and easier to make and receive payments. 

Where can I find more information?

Click here for more information and FAQs about PayTo or the NPP. 

Contact

It’s important that we have your correct contact details. To update your details, contact us or update your details:

In Internet Banking: 

• Select My settings and then Update contact details. 

For more information and answers to the most frequently asked questions, view here.