News from the Wire

Banked, NAB aim to speed Pay by Bank adoption in Australia

Wednesday, May 08, 2024 — 12:34:13 (EDT)

Sydney, Australia | May 8, 2024 – Leading global 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.

NAB’s established presence in the market and deep understanding of merchants' needs coupled with Banked’s international experience, strategies and technology is set to provide greater access to businesses looking to expand their A2A payment capabilities. Building with NAB also ensures a focused commitment to security and compliance along with bank-grade levels of consumer protections including instant refund capabilities and data protection.

Brad Goodall, CEO of Banked, shared:

"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.

Working together is the secret to success. Banked’s core value is based on partnership – we work closely with bank partners and connect with the broader fintech ecosystem – and we are very pleased to join forces with one of Australia’s top financial institutions.

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."

Shane Conway, NAB Executive Transaction Banking and Enterprise Solutions, said:

"A2A payments are growing and enabling merchants to receive payments directly from their customers’ bank accounts, bringing compelling benefits for certain use cases.

Banked’s commitment to customer-centred design is second to none and this makes them the ideal partner for NAB as we endeavour to deliver faster, simpler and better digital payment experiences for our customers.

As Australia continues to face economic headwinds, we believe this technology will offer an economic benefit for merchants - in particular retailers - including lowering the cost of doing business, enabling differentiated customer loyalty schemes and helping mitigating scams and fraud risk. It’s a win-win.”

Katrina Stuart, General Manager, Business Payments, AP+, commented:

“I am excited for this partnership between NAB and Banked. This is a testament to the NPP attracting international organisations which have experience in multiple markets with real-time payments and the appeal of PayTo, our digital payment solution which offers customers more visibility and control over their payments.

The outcome of these two organisations working together will only increase the strength and authority of Australian payments on the global stage of innovation.”

The first set of NAB business customers are expected to go live with A2A payments in the first half of 2024 and represent a range of industries spanning e-commerce, retail and non-bank lenders.

++ENDS++

Notes to editors:

This news follows NAB Ventures’ – NAB’s venture capital arm – participation in Banked’s series A funding round extension, contributing to an additional $15 million investment alongside Citi Ventures and Insight Partners.

The investments have empowered Banked to launch its advanced payments platform in key global markets, including the UK, EU, USA, and Australia. In addition to its offices in Palo Alto, London, Vilnius, Banked already has offices in Sydney and Melbourne, where it continues to grow its team and add to its employee base across 12 countries. This uniquely positions Banked to transform the Australian payments landscape with best practices and technology solutions, and to help serve enterprise merchants with an international outlook.

Press Contacts:

Christine Kim, Director of Communications, Banked press@banked.com

NAB Media M: +61 (0) 3 7035 5015 nab.media@nab.com.au

Bruno Bouchet, Head of Communications, Australian Payments Plus, media@auspayplus.com.au

About Banked

Banked is creating a new global payments network and providing a flexible alternative to mainstream payment methods. With Banked, consumers can pay directly using their bank without entering any financial data. There is no need to create an account or share financial details; authorization is biometric, and the merchant receives the funds in full and in real-time. Businesses benefit from up to 90% lower fees than traditional payment methods and virtually no fraud, promoting lower prices for consumers. Banked also enables businesses to drive customer engagement and loyalty with incentives and rewards integrated into the payment experience. The company has offices in Palo Alto, London, Sydney, Melbourne and Vilnius. For more information, visit www.banked.com.

About NAB

At National Australia Bank (NAB) Group, relationships are our strength. We are here to serve customers well and help our communities prosper. More than 38,000 colleagues at the bank provide 10 million customers with secure, easy and reliable banking services. More than 90% of the Group’s workforce are in Australia and New Zealand, with the wider team located in parts of Asia, London, New York and Paris. NAB is proud to be Australia’s biggest business lender. We stand by our customers, and they have our ongoing support.

NAB Ventures is a global initiative supporting entrepreneurs in Australia and offshore in their quest to build leading technology companies. Our partners have founded, led, and invested in technology companies for two decades in both Australia and the US.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.