BankPAY

BankPAY was formed to develop and implement a nationwide integrated electronic bill payments system

BankPAY is modelled on the hugely successful BPAY system in Australia. In the year 2015 BPAY processed successfully 376 million payments which valued 361 billion dollars.

The BankPAY system allows either fixed or mobile internet users to pay bills promptly and securely by accessing their internet banking account without knowledge of or access to the billers banking details. It allows billers to receive payment without the costs of handling cash and provides a full electronic reconciliation of bills paid. It uses existing bank security, interchange and settlement mechanisms but adds a user and biller friendly layer of functionality. The BankPay system provides a genuine intermediary between banks and billers that solves the issue of many to many connection and offers a compelling business proposition to both banks and to billers.