(24 July 2024 – Australia) Plenti is the first NAB business customer to integrate its new account-to-account payment solution in its online lending platform, allowing its customers to execute real-time payments via PayTo to pay down their loan faster.
While the benefits for consumers using PayTo include increased control and security of their online payments, the value for businesses who adopt the technology is equally compelling.
“NAB’s Pay by Bank solution can help its 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” said NAB Executive Transaction Banking and Enterprise Payments, Shane Conway.
“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” Conway added.
“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” commented Plenti Co-Founder and COO, Glenn Riddell.