SYDNEY, May 15, 2026, 04:11 AEST
National Australia Bank Limited has snapped up Banked, a global payments tech platform, aiming to ramp up real-time account-to-account payment options for business clients. NAB says the platform enables merchants to take payments straight from a customer’s bank account, sidestepping credit and debit cards. The price wasn’t revealed.
Timing is key here. Australian banks are under pressure to protect profits, squeezed by higher rates, shifting housing policy tied to the budget, and credit concerns with roots in the Middle East. With this deal, NAB steps up its push into merchant payments—where the promise of quicker settlements and cost cuts could help it win over more business clients.
NAB slipped 1.19% to finish at A$36.42 on Thursday. The ASX had closed by the time this report was filed. Wednesday saw Commonwealth Bank tumble 10.43%, while shares of Westpac, NAB, and ANZ also retreated as investors digested CBA’s jump in provisions and fresh federal budget measures targeting housing investment.
Banked, launched in 2018, developed a system letting customers pay directly from their bank accounts instead of using cards. Shane Conway, NAB’s group executive for transformation, pointed to Pay by Bank as another move toward “real-time” account-to-account payments. Banked CEO Brad Goodall added that with NAB on board, the platform can “reach more customers.” Tech Funding News
Merchants see a straightforward pitch here: cut down on card rails, get paid quicker, and maybe shave off some fees. With account-to-account payments, funds travel straight from one bank account to another—no card network in between.
NAB is striking this deal just weeks after its latest half-year update. The bank posted cash earnings of A$3.56 billion, a figure that leaves out the effects of a recent software capitalisation policy shift. Revenue ticked up 3.1%. NAB set its interim dividend at 85 Australian cents a share.
NAB’s been grappling with choppy conditions. In April, its business survey put confidence way down at -24, and business conditions slipped to +3. “Rising prices and pressure on margins” are already weighing on activity and future investment, NAB economist Michael Hayes said. Reuters
Rates played their part too. On May 5, the Reserve Bank of Australia lifted its cash rate by 25 basis points—taking it up to 4.35%—pointing to inflation from fuel and commodity prices linked to the Middle East conflict.
Prediction markets aren’t signaling any let-up soon. On Kalshi, traders see a 65% chance the RBA holds steady at its June meeting, and a 22% probability of a 1 to 25 basis-point hike. Polymarket’s pricing isn’t far off—“No Change” drew 80%, while “Increase” stood at 21% for June. Kalshi
The Banked deal isn’t enough to address NAB’s broader credit issues on its own. On Thursday, Reuters said Asia-Pacific banks could be forced to increase provisions if the Iran conflict continues to drive up energy prices. Jarden’s Matthew Wilson added that the true economic fallout remains “all ahead of us.” Reuters
NAB’s got a tightrope to walk here. Banked could give its payments pitch to merchants some extra bite, but the market’s focus stays locked on capital, bad-debt cushions, and how much more pressure Australian borrowers can really take if high rates linger.
This isn’t some splashy fintech bet—for NAB, it’s about shoring up its business banking turf, smoothing things out for merchants, and making sure it doesn’t get left behind as the payments world shifts beyond cards.
