NAB to give businesses access to real-time analytics
National Australia Bank (NAB) has announced it has partnered with cloud-based platform Pollinate to provide small businesses access to real-time sales analytics to help them better manage their businesses.
Through Pollinate, businesses will be able to view their sales data, track average transaction value, compare day periods, and filter by payment type.
"Real-time data that delivers greater insights into what customers want, when and how they want it, can be transformative to a small business," NAB group executive business and private banking Andrew Irvine said.
"Leveraging Pollinate's platform, NAB will give businesses the information they need to make decisions about their daily sales at their fingertips."
Pollinate, which NAB will also be a minority investor in, is scheduled to be rolled out across its customer network next year, following a pilot that will run in March.
Read more: How NAB is taking Australia's skills shortage into its own hands (TechRepublic)
Additionally, NAB has also announced it will roll out merchant choice routing for business customers later this year.
Merchant choice routing will enable contactless payments to be processed via a merchant's network of choice -- whether that's Eftpos, Mastercard, or Visa -- for a flat price of 1.15%.
The bank boasted that the introduction of merchant choice routing would replace 10 separate pricing plans, while also bringing savings to businesses that process contactless payments.
"Contactless payments are part of our daily lives with more than 400,000 'tap and go' transactions taking place every day in Australia. Automating least cost routing ensures competition in the market while giving small businesses greater control over their expenses," Irvine said.
Earlier this month, the red and black bank announced the migration of its NAB Connect platform to Amazon Web Services (AWS) cloud.
NAB Connect is touted by the bank as a solution for businesses with more advanced online banking requirements. The platform allows for multiple account users and boasts uncapped payment transfers, using PayID; international payment and foreign exchange services; and offers third-party capabilities, such as through accounting software.
The service has over 70,000 business customers, which in the month of August processed a total of AU$141 billion-worth of payments on the platform.
NAB has been an AWS customer since 2013, and around five years ago, the bank turned to AWS to start its multi-cloud strategy. Since then, NAB has laid foundations to move its core banking function to the public cloud.
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