NAB, Plenti and Banked switch on Pay by Bank to facilitate loan payments

By Gloria Mathias

FinTech lender Plenti has partnered with NAB to facilitate a faster and simpler way to make additional loan repayments through NAB’s Pay by Bank. This technology, developed by global FinTech Banked in partnership with NAB, enables fast and secure payments straight from a user’s bank account.

Plenti is the first NAB business customer to integrate the new account-to-account payment solution into its online lending platform. This allows its customers to make real-time payments via PayTo to pay down their debt faster.

Plenti co-founder and Chief Operating Officer Glenn Riddell said its customers expect a simple but superior end-to-end lending experience.

“We wanted to offer our customers a faster, smarter and more convenient way to make payments on their Plenti loans. PayTo ticked all these boxes,” Riddell said. “Customers making extra loan payments will be the first to access Plenti’s instant PayTo option, and we look forward to working with NAB to make PayTo payments more widely available across our platform.”

While the benefits for consumers using PayTo include increased control and security of their online payments, the value for businesses that adopt the technology is equally compelling.

NAB Executive Transaction Banking and Enterprise Payments, Shane Conway, said NAB’s Pay by Bank solution can help its business customers improve cash flow, speed up reconciliation processes, reduce fraud risk and save money. “The improved payment experience for consumers is also a key benefit for businesses enabling PayTo, which offers a faster, more secure and enhanced experience compared to other payment options such as direct debit,” Conway added. “Our Pay by Bank solution has been designed to seamlessly integrate into various payment systems to make it easy for more businesses to unlock the benefits of real-time payments. We’re excited to see PayTo live in the market on the Plenti lending platform, and we expect to see continued uptake of Pay by Bank across a range of industries, including insurance, government, utilities and retail.”

Brad Goodall, CEO of Banked, said: “Plenti’s switch to PayTo is a testament to the technology we have built and the strong partnership we have forged with NAB to deliver a better way of paying that is beneficial to consumers and merchants alike. Plenti’s decision to use PayTo showcases the success of our partnership in action, providing Australians with more choice and control in the way they pay.”