PayTo is a payment method (or ‘digital payment solution’) offered by banks, financial institutions, and major payment service providers like GoEscrow.
GoEscrow works, via PayTo, with your bank to move funds from your personal bank account into your escrow bank account where it is safely held till you authorise payment onward to your suppler.
Escrow transaction funding payments through PayTo can only be made after a PayTo Agreement has been authorised by you in your mobile banking app or online banking system. Once a PayTo Agreement is authorised, GoEscrow can only debit your bank account for specific transactions when you agree to fund them. This happens in accordance with the GoEscrow PayTo Service Agreement. (Copy Here) You can see your PayTo Agreements in your banks mobile banking app or online banking system. You can pause, cancel and make certain changes to PayTo Agreements there too.
INTERESTING FACT: The BECS Direct Debit system, that many Australians are aware of, will close in the near future with PayTo being its direct replacement. This is because PayTo puts control back in the bank account owners hands, a problem often cited with Direct Debit mandates.