Aussie businesses ready to roll out new PayTo platform at July 1 launch

The New Payments Platform’s (NPP) real-time payments initiative PayTo goes live from July 1, 2022, and Aussie businesses like Cape are ready to implement it.

The expense management platform, which exists to reduce wasteful spending, has partnered with GoCardless in an effort to launch instant bank pay and help SMEs improve cashflow.

The partnership aims to streamline recurring and one-off payments, helping SMEs never become short on funds.

As part of the partnership with GoCardless, Cape will be one of the first businesses in Australia to use the NPP’s new instant account-to-account platform.

Commenting on the collaboration, GoCardless director Luke Fossett told SmartCompany the instant payments initiative will “help Cape combat issues like customers having to wait up to three days for remittances to clear if users reach their credit limits, as well as manage cash with full visibility”.

“We’re excited for Cape to join GoCardless as one of the first in the market to leverage the benefits of PayTo to help small businesses thrive,” he said.

Powering the next phase

Cape says the collaboration will also help underpin a core part of the company’s own payment infrastructure, which is currently powering the company’s closed beta phase following a recent $33.1 million debt and equity funding round.

The round, which took place in March this year, was led by Aura Ventures, Investible, Mercury Capital principals, as well as a handful of angel investors from Atlassian, Stripe and LegalVision.

The partnership with GoCardless will also provide Cape with the ability to expand internationally, without the need to set up international entities and bank accounts.

“Cape’s mission is to help small business owners save time and money,” Cape product and marketing officer Andrew Fanner told SmartCompany.

“Launching this service couldn’t be truer to that mission.”