The new PayVu service will reduce the current three-day clearance delay – the standard protocol in business banking – to one day, the company said.

“Additionally, PayVu dramatically reduces to just one or two minutes the hours that many small to medium enterprises spend making payments,” it said.

InPayTech managing director Robin Beauchamp said PayVu will facilitate a range of payment types, including invoices, salaries, superannuation, payroll tax and business activity statements.

“In addition to empowering the small business owner, PayVu also facilitates the ‘payment recommendation’ role that bookkeepers, accountants and others perform and synchronises the communication between all parties,” Mr Beauchamp said.

The new service is supported by both internet browser and mobile phone technology and is compliant with SuperStream standards, InPayTech said. It is “is also ready for the Australian Taxation Office’s Single Touch Payroll initiative” being rolled out in 2017.

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