Customers of fintech lender Plenti now have a faster and more simple way to make additional loan repayments through NAB’s Pay by Bank.

Plenti is the first NAB business customer to integrate the new account-to-account payment solution in its online lending platform, allowing its customers to make real-time payments via PayTo to pay down their debt faster.

Having the correct account details and reference number already linked to the payment – no more manual entry – and being able to authorise and see payments immediately in their banking app, makes using PayTo a simpler and more secure experience for Plenti customers.

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,” Mr 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.”

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 Executive Transaction Banking and Enterprise Payments, Shane Conway, said 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,” Mr 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.”

Notes to editors

• Plenti processes more than 10,000 extra loan payments per month.
• NAB’s Pay by Bank, which uses Australian Payments Plus’ PayTo services, has been developed by NAB in partnership with fintech Banked Ltd. Read more here.
• Banked Ltd is a leader in building global payments networks and providing a flexible alternative to mainstream payment methods. For more information, visit www.banked.com.