Fintech
Plenti switches to National Australia Bank’s Pay by Bank solution for loan repayments
Fintech Lender Abundant now allows its customers to use National Bank of AustraliaThe Pay by Bank solution to repay loans.
National Australia Bank’s (NAB) Pay by Bank solution enables PayTo transactions and was developed in collaboration with global fintech Bankedwith the aim of ensuring faster and safer payments directly from the user’s bank account.
NAB and Banked are currently working to improve the digital payments landscape across the world. Australiato speed up the use of Pay by bank technology, using Australian Payments Plus’ PayTo services, which enables merchants to offer Australians more choice and control over how they pay.
Plenti becomes the first NAB corporate customer to integrate the new account-to-account payment solution into its online lending platform. This allows customers to make secure, real-time payments via PayTo and settle their debts faster.
“Plenti’s move to PayTo is a testament to the technology we have developed and the strong partnership we have with NAB to deliver a better way to pay that benefits both consumers and merchants,” explained Patrick GoodallCEO of Banked“Plenti’s decision to use PayTo demonstrates the success of our partnership in action, giving Australians more choice and control in how they pay.”
For the benefit of both consumers and businesses
Glenn Riddellco-founder and COO of Abundantexplained that its customers expect a simple yet 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 the boxes.
“Customers making additional payments on their loans 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 on our platform.”
While the benefits for customers using PayTo include greater control and security of their online payments, this technology also offers advantages to companies that decide to adopt it.
Author: Shane ConwayNAB’s Head of Corporate Banking and Payments, explains that NAB’s Pay by Bank solution can help corporate customers improve cash flow, speed up reconciliation processes, reduce fraud risk and save money.
Conway added: “Improving the payment experience for consumers is also a key benefit for businesses that enable PayTo, which offers a faster, more secure and advanced experience compared to other payment options such as direct debit and BPAY.
“We designed the Pay by Bank solution to integrate seamlessly into various payment systems to make it easier for more businesses to unlock the benefits of real-time payments. We are excited to see PayTo go live in the marketplace on the Plenti lending platform and hope to see rapid adoption of Pay by Bank across a range of industries including insurance, government, utilities and retail.”