National Australia Bank (NAB) has entered a 10-year exclusive agreement with Visa that will deliver better and more innovative products for customers.
The long-term strategic partnership will enable NAB to simplify its product offering and significantly invest in its credit and debit card portfolio.
NAB Group Executive for Product and Markets Antony Cahill said the deal was designed to accelerate the delivery of payments innovation and product development for customers.
“Under the terms of the deal, NAB and Visa will work together to deliver improved digital capability and innovative payments solutions to the market,” he said.
“This is another important partnership that will position this bank to act more quickly for our customers with enhanced access to new payments capability, technology and insights.
Mr Cahill said NAB Labs would work closely with Visa to design, experiment and develop new products.
Visa’s Group Executive for Asia Pacific, Chris Clark, said Visa was excited to extend its long-term partnership with NAB and work more closely on the payment experiences of customers.
“Australian payments are in a time of transformation, from mobile to connected devices to innovations that haven’t been created yet,” he said. “We’re looking forward to a productive long-term collaboration.”
The strategic partnership with Visa will also boost NAB’s access to, and ability to analyse, key data, leading to more informed business decisions and, therefore, better, more relevant products for customers.