Fintech
NAB and Plenti Activate PayTo Global FinTech Solution for Personal Loan Customers – FF News
Fintech lender clients Abundant We now have a new way to make additional loan repayments, made possible with National Bank of Australia (NAB) Pay by Bank solution, which enables PayTo transactions. This innovative technology, developed by global fintechs Banked in partnership with NAB, enables fast and secure payments directly from the user’s bank account.
Together, NAB and Banked are working to transform the digital payments landscape in Australia, with the aim of accelerating the use of ‘Pay by Bank’ technology, using Australian Payments Plus (AP+) PayTo services, making it easier for merchants to offer Australians more choice and control over how they pay.
Plenti is the first NAB corporate customer to integrate the new account-to-account payment solution into its online lending platform. This allows its customers to make secure, real-time payments via PayTo and settle their debts faster.
Plenti Co-Founder and COO Glenn Riddell said 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 has ticked all of these boxes. Customers making extra 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, the value for businesses adopting the technology is equally compelling. NAB Executive Transaction Banking and Enterprise Payments, Shane Conway, said NAB’s Pay by Bank solution can help 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 that enable PayTo, which offers a faster, safer and improved experience compared to other payment options such as direct debit and BPAY,” Mr. Conway said. “Our Pay by Bank solution has been designed 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 market 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.”
Commenting on Plenti’s decision to adopt the PayTo solution, Brad Goodall, CEO of Banked, said: “Plenti’s move to PayTo is a testament to the technology we’ve built and the strong partnership we’ve forged with NAB to deliver a better way to pay that benefits both consumers and merchants. Plenti’s decision to use PayTo demonstrates the success of our partnership in action, giving Australians more choice and control in how they pay.”