NAB Acquires Fintech Banked to Scale Real-Time Pay by Bank Solutions

Quick Summary

NAB has acquired Pay by Bank specialist Banked to accelerate its real-time, account-to-account payment capabilities. This strategic move allows NAB to offer Australian merchants a faster, lower-cost alternative to traditional card payments, enabling direct bank-to-bank transfers that settle instantly and simplify the digital checkout experience for consumers.

How Does the NAB Acquisition of Banked Benefit Merchants?

The integration of Banked into the NAB ecosystem focuses on reducing the friction and high costs associated with traditional card schemes. By leveraging account-to-account payments, merchants can receive funds directly from a customer's bank account, effectively bypassing credit cards and their associated interchange fees. This technology is designed to be cheaper and faster for businesses of all sizes.

• Instant fund settlement directly into merchant accounts.
• Reduced transaction costs compared to traditional debit and credit card processing.
• Simplified reconciliation processes handled within a single banking environment.

“Importantly, Banked can offer a faster and lower‑cost way for merchants to get paid and offers a smooth checkout experience, a win-win for everyone. We are proud to provide more support to Australian businesses.” said Shane Conway, NAB Group Executive - Transformation.

What is the Future of Pay by Bank in Australia?

This acquisition signals a major shift in the Australian financial landscape toward real-time payment options. NAB is positioning itself at the forefront of the Pay by Bank movement, which complements existing digital wallets and card rails. The goal is to provide a unified payment infrastructure that meets modern developer and merchant demands for secure, low-cost transactions.

• Market-leading checkout experiences that prioritize speed and reliability.
• Global orchestration platform capabilities brought to the local Australian market.
• Scalable engineering resources to support high-volume business customers.

“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. Having the backing of NAB will allow the platform to reach more customers,” said Brad Goodall, Banked CEO and co-founder.

How Does This Move Align with NAB's Long-Term Strategy?

NAB is not a newcomer to Banked; the bank has been a long-term partner and minority shareholder through NAB Ventures since 2022. By moving from investor to owner, NAB can fully integrate the technology into its core stack. This strategic vertical integration ensures that NAB remains competitive as the economy shifts toward instant digital settlement and open banking-style payment flows.

FF NEWS TAKE:

This acquisition is a definitive power move. While many banks are content to partner with fintechs, NAB’s decision to fully absorb Banked shows they view Pay by Bank as a core pillar of future revenue, not just a peripheral feature. By owning the orchestration layer, NAB can dictate the pace of real-time payment adoption in Australia, potentially cutting out card schemes and keeping more of the value chain within the bank. It absolutely moves the needle.