NAB to offer new technology to business customers

National Australia Bank (NAB) is planning to provide a raft of new technological developments to its business banking customers.

The organisation has teamed up with VeriFone Systems and the partnership will enable the bank – one of Australia's "big four" – to offer sophisticated payment options that make the most of the very latest cutting-edge developments.

Leaders at the institution confirmed that its 130,000 merchant customers will soon receive world leading systems that make card acceptance far more convenient.

Banks are under increasing pressure to deliver new innovations that allow Aussies to use high-tech gadgets such as smartphones and tablets to access their finances.

In fact, a recent study conducted by rival bank ANZ highlighted the huge appetite Australians have for new banking technology.

It showed that the majority of the population would welcome fingerprint and retina recognition systems in place of PIN codes when making payments or checking their bank balance.

One of the first products to emerge from NAB's link-up with VeriFone Systems is the Apple iPhone and iPad "PAYware" sleeve, which has the capability to turn the devices into a payment terminal.

These sleeves will also be updated by the service provider, so companies – many of which are struggling financially at the moment – will not have to pay huge sums of money to upgrade their hardware and software.

Executive general manager of Working Capital Services at NAB David Gall believes customers will receive far greater flexibility and agility from their bank once the new services are introduced.

"As Australia's leading business bank we are committed to providing Australian businesses with innovative, market leading payment solutions," he remarked.

"We know that technology is moving quickly, and speed, mobility and access to real-time information is critical for businesses accepting payments."

NAB also revealed that it is planning to roll out brand new electronic funds transfer at point of sale (EFTPOS to you and I) terminals in the coming weeks.

These will include an embedded contactless reader, colour and touch screens, a new user interface and better ergonomic design.

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