Australian payments technology provider Distra has entered into an alliance with National Australia Bank (NAB) to develop and promote a range of new payment 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.
Mike Aston, chief executive officer of Distra, said: “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. 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.”
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 in May 2008, where the Clydesdale & Yorkshire Bank, a member of the National Australia Group, is also using Distra’s faster payments solution.
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