NAB Portal Pay is a new payment platform designed to simplify the process of managing property sales and rental transactions. By integrating with popular real estate software, the platform automates the transfer, tracking, and reconciliation of rent and sale deposit payments.
For renters, NAB Portal Pay offers a convenient “set and forget” solution for making regular rent payments. Additionally, the platform provides a unique feature for receiving deposits from private sales on auction day, eliminating the need for traditional methods like cheques.
Portal Pay is backed by NAB’s Pay by Bank product, which leverages the PayTo infrastructure from Australian Payments Plus. This solution was created in collaboration with fintech Banked Ltd, a prominent company in developing global payment networks and offering flexible alternatives to traditional payment methods.
Julie Rynski, NAB Executive for Business Metro and Specialised, stated that NAB Portal Pay exemplifies the bank’s commitment to delivering user-friendly payment solutions for SMEs.
Ms. Rynski noted that although the Australian real estate market is a vital part of the economy, the current payment systems have not kept up with the demands of the industry.
Portal Pay aims to address these shortcomings by providing a more seamless and efficient experience for all parties involved. Real estate agents can quickly receive sales deposits, thanks to the platform’s innovative features. Additionally, Portal Pay offers tools to simplify rent roll reconciliations, saving time for agents and their clients.
Ms. Rynski emphasized that Portal Pay combines a user-friendly interface with robust security measures, ensuring fast and secure transactions for real estate agents, buyers, and renters alike.
Sujeet Rana, NAB’s Chief Digital Officer, stated that Portal Pay represents progress in enhancing digital banking experiences for NAB business customers.
Rana highlighted that NAB is committed to enhancing digital banking experiences, which is a top priority for customers.
NAB Portal Pay offers a centralized “single digital platform” that brings together the most advanced digital tools for both property buyers and real estate agents. This streamlined approach aims to simplify the banking process, building upon NAB’s 160-year legacy of serving customers.
While acknowledging the progress made in digital banking, Mr. Rana emphasized that NAB remains committed to further innovation and growth, striving to become a leading digital bank.
