CommBank's x15ventures launches PaidIt platform to automate payouts ahead of Australia's 2028 cheque phase-out
CommBank’s x15ventures launches PaidIt platform to automate payouts ahead of Australia’s 2028 cheque phase-out #
Commonwealth Bank has unveiled PaidIt, a digital payout platform designed to help organisations process remediation payments, refunds, and other settlements, released ahead of Australia’s planned phase-out of cheques in 2028.
The platform was developed by x15ventures, CommBank’s venture-scaling arm, and is built around what the bank describes as a “first-of-its-kind” recipient matching engine. The engine applies identity and account verification checks to determine which payments can be processed automatically, even when recipient details are incomplete or out of date. PaidIt consolidates recipient verification, communications, and payment delivery in a single workflow, removing the manual processes organisations rely on when contact information is missing.
The Australian Securities and Investments Commission reported in May 2026 that roughly A$2.7 billion sits in unclaimed money across Australia. When organisations lack current recipient details, locating the right individual can take weeks, months, or years; in some cases the funds are never delivered.
CommBank said PaidIt is already in use internally, particularly where payment details for intended recipients are missing or have lapsed. The bank plans to expand the platform to additional internal business units and make it available to Corporate and Institutional Banking clients in the coming months.
The platform’s release is tied to the federal government’s decision to phase out cheque payments by 30 June 2028, a deadline prompting organisations to reconsider how they handle bulk payouts. CommBank described PaidIt as combining its payments infrastructure with x15ventures’ product development capabilities.
x15ventures was established in 2020 as a wholly-owned CommBank subsidiary with a mandate to build, buy, and invest in digital businesses that can benefit from the bank’s scale. Unlike earlier x15ventures products aimed at consumers, PaidIt targets an institutional-grade payments problem. CommBank executives said early client interest has been encouraging.
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