New alliance of National Australia Bank and payment software provider

Australian payments technology provider Distra Pty Ltd (Distra) announced that it has entered into a strategic alliance with National Australia Bank (NAB) to develop and promote a range of new payments products and services.

NAB will invest an undisclosed amount to take a minority stake in Distra. “The investment from NAB significantly strengthens Distra’s proposition in offering banks and other processors a switching product that is truly a long-term, viable alternative to the many legacy systems in use around the world,” said Mike Aston, Chief Executive Officer of Distra. 

“This alliance will combine Distra’s unique technology together with NAB’s extensive payments experience, to create a range of new payments products and services. We see benefits for NAB and our customers, as well as demand in the broader regional and global banking industry for innovative payment services,” said Joseph Healy, EGM Business and Private Bank of NAB. 

In addition to its work with NAB in Australia, Distra announced earlier this year its role in providing real-time components to Vocalink and four participating banks to facilitate the UK Faster Payments Service, a real time settlement scheme that went live with many of the UK’s leading banks in May of this year, where the Clydesdale & Yorkshire Bank, a member of the National Australia Group, is also utilising Distra’s faster payments solution. 

Source: Distra