Commonwealth Bank has launched PaidIt , a new way for organisations to manage payouts like settlements, remediation payments and refunds - helping get money to the right person quickly and securely.
The launch comes as Australia prepares for the phase-out of cheques in 2028, prompting organisations to rethink how they manage payments when recipient details are missing, incomplete or outdated.
In these circumstances, organisations can spend significant time and money trying to manually find and verify the right person before funds can be safely released, sometimes with nothing more than a last known postal address.
By bringing together recipient verification, communications and payment delivery in a single platform, PaidIt helps organisations manage payouts end-to-end - even when recipient details are incomplete.
A first-of-its-kind recipient matching engine sits at the centre of PaidIt, applying identity and account checks to help organisations determine which payments can be automated and which need further review. Intelligent workflows give teams greater visibility and control over payouts, while reducing reliance on manual processes.
To help organisations get funds to the right person quickly and securely, PaidIt leverages Australia's modern payments and digital identity infrastructure - including the New Payments Platform (NPP), PayID and ConnectID.
From a recipient starting a claim to funds arriving in their account, the median experience with PaidIt takes less than two minutes.
PaidIt is already being used within the bank in some cases where payment details are missing or outdated, with additional functionality to be introduced over time. Developed by x15ventures, CommBank's venture scaling arm, PaidIt services will be rolled out to additional CommBank business units and made available to Corporate and Institutional Banking clients over the coming months.
Maja Enander, Managing Director, PaidIt, said:
"Managing any kind of payout can be complex, but things become so much harder when you don't have complete or current information about the person you're trying to pay.
"No one really benefits in these situations. While organisations often invest considerable effort and resources trying to complete the payment, it can be weeks, months - or even years - before people receive money they're owed, with some funds ultimately remaining unclaimed.
"Our ambition is to help organisations navigate that process with less complexity and greater confidence that every cent can find its rightful owner."
Australia's unclaimed money registers reflect the scale of the challenge. ASIC currently holds approximately $2.7 billion in unclaimed money1, with additional funds held by Australian state and territory governments.
Regis Petit, Executive General Manager, Institutional Transaction Banking, Commonwealth Bank, said:
"As Australia moves towards a cheque-free future, organisations have an opportunity to rethink how they manage complex payouts - particularly in situations where cheques have traditionally provided a practical fallback.
"PaidIt is one way we're helping clients navigate that transition and shows how we can bring Commonwealth Bank's deep payments expertise together with x15ventures' venture-building capability to tackle complex institutional challenges.
"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."
1ASIC, Australians reminded to check for lost money as $2.7 billion sits unclaimed (May 2026)
