UK 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) payments 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. Pay by Bank capability will enable merchants to send PayTo Agreements to their customers and initiate payments and refunds according to their PayTo agreements, addressing a range of scenarios for merchants such as online payments, scheduled recurring payments with fixed or variable amounts, and split payment amounts.
According to the pair, 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”.
“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,” said Brad Goodall, CEO of Banked. “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.”
The news follows NAB Ventures’ (the venture capital arm of the bank) participation in Banked’s series A funding round extension, contributing to an additional $15 million investment alongside Citi Ventures and Insight Partners.
