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Customers will now be able to make real-time payments via the digital payment platform to pay down debts faster.
Plenti and NAB have switched on PayTo for personal loan customers as a streamlined way for them to make additional loan repayments through NAB’s Pay by Bank.
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According to the major bank, Plenti is the first NAB business customer to integrate the new account-to-account payment solution in its online lending platform.
Through the platform, Plenti’s customers will have the correct account details and reference number already linked to the payment, with the ability to authorise and see payments in real time through their banking app.
Glenn Riddell, Plenti’s CEO and co-founder, said that 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.”
Other benefits include increased control and security of customers’ online payments, along with doing away with the need for manual entry of details.
NAB further said that while consumers can benefit from using PayTo, businesses can also benefit from the platform.
NAB executive transaction banking and enterprise payments Shane Conway said the 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,” 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 expect to see continued uptake of Pay by Bank across a range of industries including insurance, government, utilities and retail.”
This comes as NAB and Plenti recently announced the launch of the “NAB powered by Plenti” car and electric vehicle (EV) loan as the first product under their partnership.
The product has been launched to NAB employees as the first phase of the product roll-out, which is set to be followed by a progressive release into NAB’s existing personal banking customers and new-to-bank customers.
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