Global fintech company Banked and National Australia Bank (NAB) have joined forces to boost the use of account-to-account (A2A) payment solutions in Australia. This partnership aims to accelerate the adoption of “Pay by Bank” technology, powered by Australian Payments Plus’ (AP+) PayTo services.
Enhancing Merchant Options and Consumer Control
Pay by Bank allows merchants to send PayTo Agreements to their customers, initiating payments and refunds based on these agreements. This caters to various payment scenarios, including online purchases, scheduled recurring payments with variable or fixed amounts, and split payments.
Combining Expertise for Secure and Efficient A2A Transactions
NAB’s market presence and understanding of merchants’ needs, coupled with Banked’s global experience and technology, offers businesses greater access to expand their A2A payment capabilities. Building with NAB ensures a focus on security, compliance, and bank-grade consumer protections like instant refunds and data protection.
Brad Goodall, CEO of Banked: “Australia’s emerging A2A payments industry presents a significant opportunity. Local regulations and a banking sector primed for innovation pave the way for rapid growth in real-time payments. Partnering with NAB, a trusted institution with a progressive digital banking strategy, positions us to unlock and accelerate Pay by Bank adoption in Australia.”
Shane Conway, NAB Executive Transaction Banking and Enterprise Solutions: “A2A payments are on the rise, allowing merchants to receive direct payments from customer bank accounts. Partnering with Banked, known for their customer-centric approach, makes them ideal as we work towards delivering faster, simpler, and better digital payment experiences.”
Katrina Stuart, General Manager, Business Payments, AP+: “This partnership between NAB and Banked showcases the appeal of Australia’s NPP system for international real-time payment experts. Their collaboration will strengthen and elevate Australian payments on the global innovation stage.”
Early Adoption and Expected Benefits
The first NAB business clients, encompassing e-commerce, retail, and non-bank lenders, are expected to utilize A2A payments in the first half of 2024. This technology offers potential economic benefits for merchants, including reduced operational costs, differentiated loyalty programs, and mitigated fraud risks.
