PAYA system is designed to have the capability of collecting and processing large volumes of transaction from originating bank and redirect them to the destination bank for proper execution. The banks may route their payment transactions within the system individually or in batches. The system handles C2C, B2C, B2B type transactions and is embedded with two sub-systems namely direct credit (DC) and direct debit (DD).
PAYA provide the following targeted services within the banking network:
  1. Electronic loan installment payments: a good number of loan customers receive their frequently recurrent receivables in a bank other than loan granting institution. In such cases PAYA provide the possibility for the disbursement of loan installments without a need for the customer to show up in either bank, to carry physical cash, banker’s draft or banking papers in materialized form.
  2. Payment of salary and pension: currently for payment of salary to their employees and retirees the enterprises must open a bank account for each employee or pensioner on their payroll. By using the services of PAYA the enterprises as well as their employees and retirees can conveniently pay and receive their salary and pension through an account of own choice without a need to maintain multiple accounts with different banks. As a side benefit numerous account-holding in the banking network is phenomenally reduced.
  3. Disbursement of share dividends and securities: corporations with a great number of shareholders may, through PAYA, directly credit their shareholders without a need to open account for each individual stakeholder or use dividend coupons.
For the first time in the country, PAYA DD Scheme has initiated the possibility of the inter-banking services based on pre-arranged payment authorization. Direct debit processing scheme makes it possible that a wide variety of banking payment services, once-off or recurrent, such as utility bills, rents, loan installments and the like be processed via inter-banking payment channels. Check deposit at destination bank is another DD Scheme which can substitute manifold types of payment based on check.
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