Customers of fintech lender Plenti now have a new way to make additional loan repayments, made possible with National Australia Bank’s (NAB) Pay by Bank solution, which enables PayTo transactions.
Together NAB and Banked are working to transform the digital payments landscape in Australia, with the aim to accelerate 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.
Plenti is the first NAB business customer to integrate the new account-to-account payment solution in their online lending platform. This allows their customers to make real-time, secure payments via PayTo and to pay down their debt faster.
Co-founder and Chief Operating Officer of Plenti, Glenn Riddell, said its customers expect a simple but superior end-to-end lending experience. “We wanted to offer our customers a faster, smarter and more convenient way to make payments to their Plenti loans. PayTo ticked all these boxes. Customers making extra loan payments will be the first to access Plenti’s instant PayTo option, and we look forward to working with NAB to make PayTo payments more widely available across our platform.”
While the benefits for customers using PayTo include increased control and security of their online payments, the value for businesses who adopt the technology is equally compelling. NAB Executive Transaction Banking and Enterprise Payments, Shane Conway, said NAB’s Pay by Bank solution can help business customers improve cash flow, speed up reconciliation processes, reduce fraud risk, and save money.
“The improved payment experience for consumers is also a key benefit for businesses enabling PayTo, which offers a faster, more secure, and enhanced experience compared to other payment options such as Direct Debit and BPAY,” Mr. Conway said. “Our Pay by Bank solution has been designed to seamlessly integrate into various payment systems to make it easy for more businesses to unlock the benefits of real-time payments. We’re excited to see PayTo live in the market on the Plenti lending platform and we hope to see a rapid uptake of Pay by Bank across a range of industries including insurance, government, utilities, and retail.”
Commenting on Plenti’s decision to adopt PayTo solution, Brad Goodall, CEO of Banked, said: “The switch to PayTo by Plenti is a testament to the technology we have built and the strong partnership we have forged with NAB to deliver a better way of paying that is beneficial to consumers and merchants alike. Plenti’s decision to use PayTo showcases the success of our partnership in action, providing Australians with more choice and control in the way they pay.”