New NAB Portal Pay to streamline property and rental payments
NAB’s new Portal Pay payment platform will help reduce the complexities and administration burden traditionally associated with property sales and rental transactions.
NAB Portal Pay integrates with existing major real estate software to make it easier to transfer, track and reconcile rent and sale deposit payments.
The new platform allows renters to set and forget their rent payments and provides an innovative payment solution for receiving deposits from private sales on auction day. NAB Portal Pay transforms the traditional process of relying on cheques to making a property deposit easy, safe, and fast.
Portal Pay is supported by NAB’s Pay by Bank product, which uses Australian Payments Plus’ PayTo infrastructure. Pay by Bank has been developed by NAB in partnership with fintech Banked Ltd, who are a leader in building global payments networks and providing a flexible alternative to mainstream payment methods.
NAB Executive for Business Metro and Specialised, Julie Rynski said NAB Portal Pay was another example of NAB delivering easy to use payment solutions for SMEs.
“The Australian real estate market is a core part of the Australian economy, yet the payment systems and processes that service it, haven’t kept pace,” Ms Rynski said.
“We’re focused on delivering a more seamless end-to-end customer experience for property payments, backed by the strength and expertise of our wider NAB business banking network.
“With NAB Portal Pay, real estate agents can receive a sales deposit within minutes. It’s a real win for the industry and its customers.”
The new platform also allows customers to access features designed to shave time off their rent roll reconciliations.
“Real estate agents, buyers and renters can expect a much more simplified user experience combined with state-of-the-art security features to facilitate fast, safe transacting,” Ms Rynski said.
Marking a milestone in NAB’s digital first strategy
NAB’s Chief Digital Officer Sujeet Rana, said Portal Pay was another milestone in the expansion of better digital banking experiences for NAB business customers.
“We’re always looking for ways to improve the digital banking experience – we know that’s what our customers value,” Mr Rana said.
“NAB Portal Pay gives property buyers and real estate agents access to the best digital tools in one space, through what we call a ‘single digital platform’.
It might sound simple – that’s because it is and we’re working towards offering this type of simplicity across our entire banking network that has served customers for more than 160 years.
“While we have made good progress on our digital tools for all customers, there is more we can and will do to become a greater digital bank.”
