Australia: Distra and NAB enter into a Strategic Alliance

“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 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.

Australian venture capital company Starfish Ventures, Distra’s primary investor, congratulated Distra on the NAB deal. Starfish Ventures invested in 2005 at a crucial time in Distra’s development, enabling the company to complete product development and launch sales to international customers. Starfish Ventures Investment Principal John Dyson and Distra Board Member said: “This relationship is an excellent example of our long-term approach to investing in novel technology companies that address a global high-growth market. Our mission is to build global innovative technology companies. The NAB and Distra relationship is a powerful example of the way we strive to develop national and global growth opportunities for our companies. Distra has taken another step forward in firmly establishing itself as the market leader in the global market of next generation payments solutions.”