Plenti adopts NAB's PayTo for faster loan repayments

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. This technology, developed by global fintech Banked in partnership with NAB, allows for fast and secure payments directly from a user's bank account.

Plenti is the first NAB business customer to integrate this new account-to-account payment solution into their online lending platform. This integration allows their customers to make real-time, secure payments via PayTo and expedite their debt repayments.

Glenn Riddell, Co-founder and Chief Operating Officer of Plenti, remarked on the new payment option: "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."

NAB and Banked are working together to enhance the digital payments landscape in Australia, aiming to accelerate the adoption of Pay by Bank technology using Australian Payments Plus (AP+) PayTo services. This move is designed to offer merchants and consumers more choice and control over their payment methods.

NAB's Executive Transaction Banking and Enterprise Payments, Shane Conway, highlighted the benefits for businesses adopting the technology. "NAB's Pay by Bank solution can help business customers improve cash flow, speed up reconciliation processes, reduce fraud risk, and save money," he said. "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."

Conway added, "Our Pay by Bank solution has been designed to seamlessly integrate into various payment systems, making 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."

Brad Goodall, CEO of Banked, also commented on Plenti's adoption of the PayTo solution. He 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."

NAB Consumer Sentiment Survey data indicates that one in five Australians is making an effort to pay down debt to manage the higher cost of living. The integration of PayTo is seen as a progressive step towards assisting individuals in this endeavour.

NAB's Pay by Bank solution utilises Australian Payments Plus PayTo services and has been developed in conjunction with fintech Banked. The collaboration between these entities underscores their commitment to revolutionising the payments sector in Australia.