05 January 2009 News

 

National Australia Bank impressed by Distra - takes minority stake

Distra has entered into a strategic alliance with National Australia Bank to develop and promote a range of new payments products and services. NAB, a licensee of Distra's payments switching application since June 2007, will invest an undisclosed amount to take a minority stake in Distra.

"We are very excited about this alliance with NAB, one of our first Tier 1 bank customers" said Mike Aston, chief executive of Distra. "Not only is this a huge vote of confidence for Distra's next generation payments solutions, but it also offers us an opportunity to work with one of the world's premier payments processors in the development of a range of new payments products and services".

"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, executive general manager for business and the 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  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.