Customers of Australian fintech lender Plenti will be able to make loan repayments and pay down their debt faster through National Australia Bank’s (NAB’s) Pay by Bank.
Plenti is the first business customer of NAB to integrate the bank’s new account-to-account (A2A) payment solution in its online lending platform.
Customers who choose to make real-time payments with NAB’s Pay by Bank will do so via Australian Payments Plus’ ‘PayTo’ services.
In May this year, NAB formed a partnership with global fintech Banked to boost the use of Pay by Bank technology and increase adoption among merchants.
Plenti co-founder and chief operating officer, 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,” Riddell said.
“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.”
A2A payments remove the need for individuals to manually enter details such as account information and number, as these are automatically linked to the payment, enabling instant authorisation of payments in a banking app.
Shane Conway, NAB executive transaction banking and enterprise payments, added: “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 expect to see continued uptake of Pay by Bank across a range of industries, including insurance, government, utilities and retail.”
Juniper Research revealed in April that it expects the instant payments market to swell by 161% to surpass $58 trillion globally by 2028, driven by A2A wallets and Open Banking payments. It valued the market at $22 trillion in 2024.
