NAB makes it easier for businesses to track overseas payments

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NAB makes it easier for businesses to track overseas payments

Make a lot of international payments? It's now easier for NAB Connect users to find out when recipients receive that money.

NAB Connect customers can now more easily find out if payments they make to overseas companies have been received and what fees have been charged.

These features are now available at no extra charge to customers using the NAB Connect online business banking service.

Businesses can click an international transaction in their NAB Connect Account Summary to see more information about its status, fees and processing time.

Previously, they had to pay NAB $25 to look into the status of a missing or overdue international payment.

NAB is the first Australian bank to provide this functionality, said NAB General Manager of Payments Paul Franklin.

“Until now, business customers sending money overseas have had no visibility of where their money travels, what fees have been deducted by overseas banks or when their payment has been received by the recipient,” Franklin said.

The tracking functionality should help reduce uncertainty about the length of time needed for payments to be credited, said SWIFT General Manager Bill Doran.

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