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NAB and Plenti have introduced PayTo for personal loan customers. This makes Plenti the first NAB business customer to implement PayTo in its lending platform, utilising NAB’s Pay by Bank solution.
Plenti customers can now benefit from real-time payments through PayTo, streamlining the process of paying down debt, with correct account details and reference numbers pre-linked and the ability to authorise and view payments instantly in their banking app.
According to Plenti co-founder and chief operating officer Glenn Riddell, the changes have made the experience simpler and more secure.
“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,” said Riddell.
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,” he 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.”
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