Banked & NAB to boost Pay by Bank technology in Australia

By Gloria Mathias

Global FinTech Banked and National Australia Bank (NAB) have launched a new partnership to accelerate the number of Australian merchants adopting and integrating account-to-account (A2A) payment solutions.

The partnership aims to boost the use of ‘Pay by Bank’ technology, using Australian Payments Plus’ (AP+) PayTo services – making it easier for merchants to give Australians more choice and control in the way they pay.

The Pay by Bank capability will enable merchants to send PayTo Agreements to their customers and initiate payments and refunds according to their PayTo agreements. This will address a range of scenarios for merchants, such as online payments, scheduled recurring payments with fixed or variable amounts, and split payment amounts.

NAB’s established presence in the market and deep understanding of merchants’ needs, coupled with Banked’s international experience, strategies and technology, will provide greater access to businesses looking to expand their A2A payment capabilities.

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 not only to 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,” added Goodall.

Shane Conway, NAB Executive Transaction Banking and Enterprise Solutions said, “A2A payments are growing and enabling merchants to receive payments directly from their customer’s 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 mitigate scams and fraud risk. It’s a win-win.”