NAB launches Portal Pay to streamline property payments

NAB has introduced a new payment platform called NAB Portal Pay as part of its digital-first strategy. The platform aims to simplify property payments for buyers and real estate agents by offering a range of digital tools in a single space.

NAB Portal Pay is designed to facilitate the transfer, tracking, and reconciliation of rent and sale deposit payments in real-time, a first in the market compared to current options like AuctionPay, which relies on direct debit and takes three days. The new platform is integrated with major existing real estate software, aiming to reduce the complexities and administrative burden traditionally associated with property transactions.

Lending insight into the platform's efficacy, Luke Johnston of Johnston Donoghue Property in Gunnedah described long-standing challenges with receiving deposits from property sales. Johnston stated, "We've sold more than 80 properties in the last 12 months and security is always top of mind for customers when they're making a deposit payment. 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."

Johnston reported positive experiences using NAB Portal Pay, adding, "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."

Sujeet Rana, NAB's Chief Digital Officer, described Portal Pay as a milestone in NAB's ongoing efforts to improve digital banking experiences. "We're always looking for ways to improve the digital banking experience – we know that's what our customers value," he said. Rana noted that the platform provides property buyers and real estate agents access to top digital tools, which he calls a "single digital platform."

He emphasised, "It might sound simple – that's because it is and we're working towards offering this type of simplicity across our entire banking network that has served customers for more than 160 years."

NAB Portal Pay is also backed by NAB's Pay by Bank product, which utilises the Australian Payments Plus' PayTo infrastructure. The development of Pay by Bank involved a partnership with fintech Banked, renowned for building global payment networks and offering flexible alternative payment methods. In addition to simplifying payments, the platform boasts features designed to streamline rent roll reconciliations, saving customers time and effort.

NAB Portal Pay represents a significant advancement in streamlining property payments, addressing long-standing challenges buyers and real estate agents face. By integrating real-time payment processing and reconciliation tools, the platform seeks to simplify what has traditionally been a cumbersome process. Its alignment with existing real estate software also indicates an effort to enhance operational efficiency in the industry. As NAB continues to evolve its digital banking strategy, the effectiveness of Portal Pay will ultimately depend on user adoption and feedback from the real estate community, which will determine its impact on the market.