Distra enters into an Alliance with National Australia Bank to develop new payments products and services

22 December 2008

Australian payments technology provider Distra Pty Ltd (Distra) has entered into a strategic alliance with National Australia Bank (NAB) 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 Officer 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".

"We share a common vision. Markets are now demanding modern, agile and transforming solutions to cope with an ever-increasing threat of greater regulation, competition and fraud".

"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," Mr Aston said.

"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 payments 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.

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