Fintech lender Plenti is now enabling its customers to utilise the National Australia Bank’s Pay by Bank solution, to make loan repayments.
The National Australia Bank (NAB) Pay by Bank solution enables PayTo transactions and was developed in partnership with global fintech Banked, with an aim to ensure faster and more secure payments directly from a user’s bank account.
NAB and Banked are currently working to improve the digital payments landscape across Australia, to accelerate the use of Pay by Bank technology – using Australian Payments Plus’ PayTo services – making it easier for merchants to give Australians more choice and control in how they pay.
Plenti becomes the first NAB business customer to integrate the new account-to-account payment solution in its online lending platform. This enables customers to make real-time, secure payments via PayTo and to pay down their debt faster.
“The switch to PayTo by Plenti is a testament to the technology we have built and the strong partnership we have forged with NAB to deliver a better way of paying that is beneficial to consumers and merchants alike,” explained Brad Goodall, CEO of Banked. “Plenti’s decision to use PayTo showcases the success of our partnership in action, providing Australians with more choice and control in the way they pay.”
Benefitting consumers and businesses alike
Glenn Riddell, co-founder and chief operating officer of Plenti, explained that its customers expect a simple but superior end-to-end lending experience. “We wanted to offer our customers a faster, smarter and more convenient way to make payments to their Plenti loans. PayTo ticked all these boxes.
“Customers making extra loan payments 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 across our platform.”
While the benefits for customers using PayTo include increased control and security of their online payments, there is also value for businesses that decide to adopt the technology.
Shane Conway, NAB executive transaction banking and enterprise payments, explains that the NAB’s Pay by Bank solution can help business customers improve cash flow, speed up reconciliation processes, reduce fraud risk, and save money.
Conway added: “The improved payment experience for consumers is also a key benefit for businesses enabling PayTo, which offers a faster, more secure, and enhanced experience compared to other payment options such as Direct Debit and BPAY.
“We designed the Pay by Bank solution to seamlessly integrate into various payment systems to make it easy for more businesses to unlock the benefits of real-time payments. We’re excited to see PayTo live in the market on the Plenti lending platform and we hope to see a rapid uptake of Pay by Bank across a range of industries including insurance, government, utilities, and retail.”
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