NAB is jumping on the PayTo and account to account bandwagon.
Pay by Bank is the label NAB and its fintech partner Banked have agreed on.
“Lowering the cost of doing business” is one probably uncontroversial claim made by Shane Conway, NAB’s Executive for Transaction Banking and Enterprise Solutions last night.
In a product release long on ambition and short of being proven in the market, NAB and Banked will be working hard to convince businesses of many stripes of the value in this novel payment method.
Bearing in mind that while it is a new thing to NAB and a new thing from NAB, all banks will have similar solutions in the market soon.
“Banked and National Australia Bank have launched a new partnership to accelerate the number of Australian merchants adopting and integrating account-to-account (A2A) payments solutions” the launch announcement reads.
“The partnership aims to boost the use of Pay by Bank technology – using 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.
“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.”
We couldn’t track down a trade mark registration for Pay by Bank but there might be one.