Plenti is the first business client of NAB to adopt this new account-to-account payment solution, allowing customers to use PayTo for real-time payments thus accelerating debt repayment. With PayTo, customers benefit from automated account details and reference numbers linked to payments, eliminating the need for manual entry. Payments can be authorised and tracked immediately within their banking apps in a bid to improve convenience and security.
Representatives from Plenti cited by nab.com emphasised the company's goal to provide a streamlined and efficient lending experience. They also noted that they wanted to offer a quicker and more user-friendly payment method, and PayTo met these requirements. Plenti’s clients making additional payments will be among the first to use the PayTo feature. Officials expressed anticipation for expanding the PayTo option across their platform in collaboration with NAB.
In turn, NAB representatives highlighted the advantages of Pay by Bank for businesses, including improved cash flow, expedited reconciliation, reduced fraud risk, and cost savings. They explained that PayTo offers a better payment experience for both consumers and businesses compared to traditional methods such as direct debit.
NAB officials also pointed out that NAB’s Pay by Bank is designed for easy integration into various systems, aiming to widen its adoption across industries such as insurance, government, utilities, and retail.
In January 2024, NAB partnered with Microsoft to provide a free cyber assessment tool to help Aussie small businesses prepare for and recover from a cyber-attack. Through this partnership, NAB aimed to launch a free small business cyber assessment tool to help prepare against attacks.
The self-assessment tool was designed to each business, and it asks questions about the organisation's security, data, and IT environment. The results are then used to provide the participants with personalised advice on how to improve cybersecurity for their businesses. These tools are already available for all Australian businesses at the time of writing.
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