Banked and National Australia Bank Partner to Revolutionize A2A Payments

Banked, a leader in real-time payment solutions, has partnered with the National Australia Bank (NAB) to enhance the adoption of account-to-account (A2A) payment systems among Australian merchants, as highlighted in The Fintech Times. This collaboration leverages the Australian Payments Plus (AP+) ‘PayTo’ services to offer more payment options and greater control to Australians.

The ‘Pay by Bank’ feature, a key component of this partnership, allows merchants to send PayTo Agreements to their customers, facilitating payments and refunds based on those agreements. This system supports various merchant needs, including online payments, scheduled payments, and split payments.

With NAB’s profound market insights and robust merchant relationships, combined with Banked’s innovative technology, this partnership aims to expand A2A payment capabilities across Australia, emphasizing security, compliance, and consumer protection.

Brad Goodall, CEO of Banked, expressed optimism about the growth potential in the A2A payments sector, fueled by local regulatory frameworks and the readiness of the banking industry for technological advances. «Working together is the secret to success,» said Goodall, highlighting the value of partnerships in achieving significant advancements in the fintech ecosystem.

Shane Conway, executive of transaction banking and enterprise solutions at NAB, also emphasized the mutual benefits of A2A payments for merchants and customers, noting their role in reducing business costs, enhancing customer loyalty, and mitigating fraud.

Katrina Stuart, general manager of business payments at AP+, highlighted the partnership’s role in strengthening Australia’s position in global payment innovation, thanks to the synergy between Banked and NAB and the capabilities of the NPP and PayTo services.

The initiative is set to roll out its first phase with NAB business customers in various industries by mid-2024, marking a significant step forward in digital payment experiences.