Global fintech, Banked, and National Australia Bank have teamed up 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. This makes 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. They can initiate payments and refunds according to their PayTo agreements. It addresses a range of scenarios for merchants such as online payments, scheduled recurring payments with fixed or variable amounts, and split payment amounts.

A2A payments: an incredible opportunity for Banked

Brad Goodall, CEO of Banked, said: “The nascent A2A payments industry in Australia presents an incredible opportunity for Banked. Local regulators have developed well-constructed mandates. 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. 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.”

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Shane Conway, NAB Executive Transaction Banking and Enterprise Solutions, added: “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. This makes them the ideal partner for NAB as we endeavour to deliver faster, simpler and better digital payment experiences for our customers.

Economic benefit for merchants

“We believe this technology will offer an economic benefit for merchants, in particular retailers. These include 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+ said: “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. The appeal of PayTo, our digital payment solution 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.”