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The bank is billing its new property payment service as a more secure and efficient way to transfer, track and reconcile rental transfers and sale deposits.
NAB’s Portal Pay integrates with the majority of existing real estate software systems, and aims to increase the security of property payments while also upping the efficiency of handling large sums of money.
The service is supported by NAB’s Pay by Bank product, which uses Australian Payments Plus’ PayTo infrastructure. It was developed by NAB in partnership with fintech Banked Ltd.
NAB executive Julie Rynski said the product came out of a desire to contribute to the modernisation of payment systems across real estate, which still often rely on older methods.
“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,” 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,” she added.
Rynski noted that tenants will be able to schedule automatic rental payments through the system, while property buyers can make electronic deposit payments that will register on the agents’ end “within minutes”.
She said that real estate agents, buyers and renters could all expect the system to provide “a much more simplified user experience combined with state-of-the-art security features to facilitate fast, safe transacting”.
Luke Johnston of Johnston Donoghue Property in Gunnedah has been an early adopter of the system and expressed his relief at being able to move away from the traditional method of accepting property deposits.
“Our customers make their deposit payment into our trust account which involves transferring large sums of money from sometimes various accounts across multiple days. This can be tricky at the best of times,” he said.
“We’ve been using Portal Pay for a few months now and it simplifies the deposit process. It’s easy to use and, most importantly, it’s safe which is really reassuring for us and especially our customers,” Johnston commented.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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