Fintech Banked and National Australia Bank (NAB) are partnering on a payments solution.
The collaboration follows NAB’s VC arm’s participation in Banked’s Series A funding round, which saw NAB contribute $15 million to the firm.
The partnership will enable Australian merchants to integrate account-to-account (A2A) payments solutions or Pay by Bank tech. This leverages Australian Payments Plus’ (AP+) PayTo services.
Beyond online payments, users will also be able to take advantage of scheduled recurring payments with fixed or variable amounts, as well as split payment amounts.
Brad Goodall, CEO of Banked, said the A2A payments business in Australia is young, and this represents a significant opportunity for his firm.
“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.”
Goodall predicted the service would set a new standard for payments in Australia.
The first set of NAB business customers are expected to go live with A2A payments in the first half of 2024.
Banked has launched its payments platform in global markets, including the UK, EU, USA, and Australia. In addition to its offices in Palo Alto, London, and Vilnius, Banked already has offices in Sydney and Melbourne.
