Global fintech Banked has secured a new partnership with the National Australia Bank (NAB) to accelerate the adoption of account-to-account (A2A) payments.
Australian merchants will be able to integrate Pay by Bank technology more efficiently through the Australian Payments Plus (AP+) service, enabling more choice and control in the way merchants pay.
Katrina Stuart, General Manager, Business Payments of AP+, commented: “I am excited for this partnership between NAB and Banked. This is a testament to the NPP attracting international organisations which have experience in multiple markets with real-time payments and the appeal of PayTo, our digital payment solution which offers customers more visibility and control over their payments.
“The outcome of these two organisations working together will only increase the strength and authority of Australian payments on the global stage of innovation.”
Pay by Bank capability will enable merchants to send PayTo Agreements to their customers and initiate payments and refunds according to these agreements.
This solution aims to address a range of scenarios for merchants, such as online payments, scheduled recurring payments with fixed or variable amounts, and split payment amounts.
Brad Goodall, CEO of Banked, shared: “The nascent A2A payments industry in Australia presents an incredible opportunity for Banked. Local regulators have developed well-constructed mandates and the banking industry is primed for innovation, all of which sets the stage for rapid growth in real-time payments.
“NAB, a trusted brand in the Australian banking industry with an ambitious digital banking strategy, was a natural fit as a partner to build forward-thinking real-time payment solutions.
“Together, we’re well positioned to not only unlock, but accelerate, Pay by Bank opportunities in the Australian market. We are confident that our approach will resonate with regional businesses and consumers, setting a new standard for payments.”
Shane Conway, NAB Executive Transaction Banking and Enterprise Solutions, added: “A2A payments are growing and enabling merchants to receive payments directly from their customers’ bank accounts, bringing compelling benefits for certain use cases.
“As Australia continues to face economic headwinds, we believe this technology will offer an economic benefit for merchants – in particular retailers – including lowering the cost of doing business, enabling differentiated customer loyalty schemes and helping mitigating scams and fraud risk. It’s a win-win.”
