Commonwealth Bank of Australia (CBA) has formed a partnership with local fintech firm Paypa Plane to improve payment experience for Australian businesses and their customers.

Under the partnership, CBA will also make an undisclosed investment for a 20% stake in Brisbane-based Paypa Plane.

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Paypa Plane creates a digital link between a business and a payer, which is said to reduce cost and assure cash flow to businesses.

CBA and Paypa Plane seek to enhance the payment experience of their clients and help them transition to PayTo, which is the latest development in the New Payments Platform (NPP).

PayTo will allow businesses to offer real-time direct debit payments to their customers along with control and transparency.

CBA’s Group executive business banking Mike Vacy-Lyle said: “The New Payments Platform is a significant initiative for Australia’s digital economy and has already brought the benefits of real-time payments to consumers and businesses.

“Today’s announcement is part of our continued investment in our payments ecosystems, and the NPP, to bring the best payments experiences to our customers. Our partnership with Paypa Plane will help us to innovate faster and better respond to our customers’ needs.”

Paypa Plane CEO Simone Joyce said: “Our partnership with CBA means together we can bring instant momentum to the delivery of PayTo through the combination of our technology and CBA’s customer base – an important step for the industry and the payments ecosystem.

“Our partnership represents an important milestone for Paypa Plane, but it also signals a new era for the way both businesses and consumers will be able to think about and manage their payments – which is an exciting outcome for everyone.”

In November 2021, CBA acquired a minority stake in cryptocurrency platform Gemini, shortly after announcing plans to allow customers to buy, sell and hold digital assets through the CommBank app.