SYDNEY, May 15, 2026, 04:11 AEST
National Australia Bank Limited has bought Banked, a global payments technology platform, in a push to expand real-time account-to-account payments for business customers. NAB said the platform lets merchants receive money directly from a customer’s bank account, bypassing credit and debit cards; financial terms were not disclosed.
The timing matters. Australian banks are trying to defend earnings as higher rates, budget-driven housing policy changes and Middle East-linked credit risks weigh on sentiment. NAB’s deal gives it a cleaner shot at merchant payments, an area where lower costs and faster settlement still have room to pull business customers closer.
NAB shares closed down 1.19% at A$36.42 on Thursday, with the Australian market shut by the time of this report. A day earlier, Commonwealth Bank lost 10.43%, while Westpac, NAB and ANZ also fell after investors reacted to CBA’s higher provisions and federal budget changes affecting housing investment.
Banked was founded in 2018 and built technology that allows customers to pay online from bank accounts rather than cards. Shane Conway, NAB’s group executive for transformation, said Pay by Bank was part of a shift toward “real-time” account-to-account options, while Banked CEO Brad Goodall said NAB’s backing would help the platform “reach more customers.” Tech Funding News
For merchants, the sell is simple: fewer card rails, faster receipt of funds and potentially lower fees. Account-to-account payments means money moves directly between bank accounts, instead of going through card networks.
The deal follows NAB’s half-year update this month, when the bank said cash earnings — a bank profit measure that strips out some accounting and one-off items — were A$3.56 billion excluding the impact of a software capitalisation policy change. Revenue rose 3.1%, and NAB declared an interim dividend of 85 Australian cents a share.
NAB has not been operating in calm conditions. Its April business survey showed confidence still deep in negative territory at -24, while business conditions fell to +3. NAB economist Michael Hayes said “rising prices and pressure on margins” were starting to hit activity and investment plans. Reuters
Rates are another part of the story. The Reserve Bank of Australia raised the cash rate by 25 basis points, or a quarter of a percentage point, to 4.35% on May 5, citing inflation pressure from fuel and commodities tied to the Middle East conflict.
Prediction markets do not point to near-term relief. Kalshi showed 65% odds that the RBA maintains the current rate at its June meeting and 22% odds of another 1-to-25 basis-point hike, while Polymarket put “No Change” at 80% and “Increase” at 21% for June. Kalshi
But the Banked deal will not solve NAB’s bigger credit questions by itself. Reuters reported Thursday that Asia-Pacific banks may need to lift provisions if the Iran conflict keeps energy prices high, and Jarden’s Matthew Wilson warned the real economic impact was still “all ahead of us.” Reuters
That leaves NAB with a narrow test. Banked can help the lender sharpen its payments offer to merchants, but investors are still watching capital, bad-debt buffers and whether Australian borrowers can handle a longer stretch of high rates.
For now, the acquisition looks less like a headline-grabbing fintech wager and more like a practical move: protect the business banking franchise, cut friction for merchants, and keep NAB in the race as payments move away from cards.
