NAB has acquired global technology provider London-based Banked to expand its real-time payments capabilities, allowing merchants to receive funds instantly from customer bank accounts.
Banked operates a Pay by Bank service that relies on account-to-account technology to bypass traditional credit and debit card networks.
This method reduces transaction fees for businesses and accelerates settlement times by moving money directly between the buyer and the merchant.
NAB has been a long-term partner and investor in the fintech through its venture capital fund, NAB Ventures.
The bank has used Banked’s technology for its business customers since 2024 before moving to fully acquire the platform.
The acquisition aligns with the bank’s strategy to accelerate real-time payment options for its business customers, positioning NAB for long-term growth.
Shane Conway, Group Executive of Transformation at NAB, noted that the move reflects a wider shift in the Australian market toward real-time, account-to-account options that sit alongside cards and digital wallets.
“Customers expect making payments to be fast, easy and reliable, and Banked helps us deliver that,”
said Conway.
“Bringing Banked into NAB will continue to make it easier for customers to connect with us and manage payments, reconciliation and settlement in one place.”
The acquisition will also provide the scale needed to grow the fintech’s offering.
“The Banked team have worked hard to build a globally proven payments platform focused on the modern demands of developers and merchants of all sizes and scale,”
said Brad Goodall, CEO and Co-Founder, Banked.
“Having the backing of NAB will allow the platform to reach more customers.”
Featured image credit: Edited by Fintech News Australia, based on image by mrsiraphol via Magnific
