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Banked and National Australia Bank join forces

Wednesday 8 May 2024 12:01 CET | News

Banked and National Australia Bank (NAB) have partnered to accelerate the number of Australian merchants adopting and integrating A2A payments solutions. 

According to the announcement, 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.

Banked and National Australia Bank (NAB) have partnered to accelerate the number of Australian merchants adopting and integrating A2A payments solutions.

National Australia Bank’s presence in the market and understanding of merchants' needs together with Banked’s strategies and technology is intended 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. 

About Banked 

Banked aims to create a new global payments network and provide a flexible alternative to mainstream payment methods. With Banked, consumers are able to pay directly using their bank without entering any financial data. There is no need to create an account or share financial details; authorisation is biometric, and the merchant receives the funds in full and in real-time.  

Businesses can benefit from up to 90% lower fees than traditional payment methods and minimised fraud actors, promoting lower prices for consumers. Banked also enables businesses to drive customer engagement and loyalty with incentives and rewards integrated into the payment experience.  

About NAB 

National Australia Bank (NAB) provides 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, the US and Europe. 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. 

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Keywords: partnership, account-to-account payment, Global Payments, payment methods
Categories: Banking & Fintech
Companies: Banked, National Australia Bank
Countries: Australia
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Banking & Fintech

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