National Australia Bank, Banked eyes boosting A2A payment adoption

Their tech enables Australian merchants to send PayTo Agreements to customers.

National Australia Bank (NAB) and fintech Banked have teamed up to boost the use of account-to-account (A2A) payment solutions in Australia.

The partnership aims to accelerate the use of ‘Pay by Bank’ technology – using Australian Payments Plus’ (AP+) PayTo services– which enables merchants to send PayTo Agreements to their customers and initiate payments and refunds according to these agreements.

The tech will address a range of scenarios for merchants such as online payments, scheduled recurring payments with fixed or variable amounts, and split payment amounts, NAB and Banked said in a joint press release.

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Shane Conway, NAB executive transaction banking and enterprise solutions, noted the growth and potential of A2A payments in Australia.

"A2A payments are growing and enabling merchants to receive payments directly from their customers’ bank accounts, bringing compelling benefits for certain use cases,” Conway said.

“Banked’s commitment to customer-centred design is second to none and this makes them the ideal partner for NAB as we endeavour to deliver faster, simpler and better digital payment experiences for our customers,” Conway added, commenting on the partnership.
 
Conway believes that the technology will “offer an economic benefit for merchants and 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,” he said.