API-enabled solution allows clients to create single-payment PayIDs linked to virtual accounts, supporting real-time payments and automated reconciliation
SYDNEY, 10 November 2026 – Banking Circle Australia has expanded its PayID capabilities, enabling payment providers and platforms to create dynamic PayIDs for individual customers, invoices or payment purposes through a single API.
A dynamic PayID can act as the unique identifier for a specific payment. Once that payment has been received, the PayID can be deregistered, making the capability well suited to single-payment use cases such as invoices, account funding, marketplace transactions and other customer-specific collections.
PayID allows a payer to direct funds to a registered identifier rather than manually entering a BSB and account number. Before confirming the payment, the payer can see the name associated with the registered PayID, providing additional transparency about where the funds are being sent.
Banking Circle’s expanded capability takes this further by allowing its clients to programmatically create PayIDs against their virtual accounts. Each dynamic PayID can be associated with a particular customer, transaction, invoice or other payment purpose. This allows an incoming payment to be identified and reconciled using the PayID itself, rather than relying solely on payment references entered by the payer, while ensuring the payment still contains the required data to facilitate transaction monitoring in the ordinary course.
Clients can create single-payment PayIDs for specific transactions and deregister them once payment has been received. They can also make outbound payments to another party’s PayID without needing to obtain and enter the recipient’s BSB and account number.
Payments made to a PayID are processed over Australia’s New Payments Platform. Payment information is provided in real time, supporting almost instant identification of incoming funds and faster reconciliation.
The capability gives payment providers and platforms another way to support real-time account-to-account payments alongside cards and other established payment methods. It also enables them to incorporate dynamic PayIDs into their own customer experiences without introducing a separate standalone payments provider into the collection flow.
Banking Circle combines the PayID capability with its virtual-account and banking infrastructure. Funds received through a PayID can be credited directly to the client’s Banking Circle account, removing the need for an additional end-of-day treasury movement between a separate payment provider and the client’s bank.
Ying Zhuo, Head of Product APAC at Banking Circle, said:
“A dynamic PayID can do much more than provide an alternative to a BSB and account number. It can become the unique identifier for a particular customer, invoice or payment purpose. Our clients can create PayIDs programmatically against their virtual accounts, receive the relevant payment and then deregister a single-payment PayID once the transaction is complete. Because the payment purpose is linked to the PayID itself, incoming funds can be identified and reconciled as they arrive, reducing reliance on payer-entered references and manual intervention.”
Piers Cracknell, Chief Executive Officer of Banking Circle Australia, said:
“Australian payments are moving towards real-time, account-to-account experiences. Our role is to give payment providers and platforms the banking infrastructure they need to bring those experiences to their customers at scale. By combining dynamic PayIDs with Banking Circle’s virtual accounts and access to Australia’s real-time payment infrastructure, clients can create a simpler collection experience and automate more of the work involved in identifying and reconciling incoming payments.
“Importantly, this capability sits within the client’s Banking Circle banking relationship. It gives payment providers and platforms a scalable way to offer dynamic PayID experiences without adding another provider between themselves and their bank.”
About Banking Circle Australia
Banking Circle Australia is an Authorised Deposit-taking Institution (ADI) and part of the global Banking Circle Group, a next-generation financial infrastructure provider for banks, payment service providers and financial institutions. Bringing together local regulatory presence and direct access to Australia’s payment systems with global banking and settlement capabilities, Banking Circle supports the secure, compliant and efficient movement of funds across domestic and international payment rails. Banking Circle partners exclusively with regulated institutions and does not provide services to private individuals.
About Banking Circle S.A.
Banking Circle S.A. is a public limited liability company (Société Anonyme) and a credit institution (e.g., a bank) headquartered in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF) as its home regulator. Banking Circle S.A. has branches in Denmark, Sweden, Germany, and the UK, and subsidiaries in Liechtenstein, Singapore and Australia. As a fully licensed bank, Banking Circle S.A. enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost.
Banking Circle S.A. is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver fast, low-cost payments with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market leading compliance and security. Through bespoke, flexible, scalable and futureproof solutions Banking Circle S.A. is enabling financial institutions to help their customers transact across borders in innovative ways.
