NAB intends to acquire 100 % of the shares in LanternPay to combine their technology with HICAPS

Australian Fintech market news and updates

Fist bumping used for NAB and Lantern Pay

Quoting from Lanternpay's Blog:Geoff Austen, Managing Director for InLoop, said:

“We started LanternPay because we knew there was a better way to manage claim payments. Since 2016, we’ve been motivated by a simple objective – to create a claim payments platform that offers greater choice and control to participants, providers, partners and programs

The decision to partner with NAB is an exciting move for the LanternPay team. The provider market is very broad, and the claiming and payment space remains highly competitive. NAB’s more than 20 years of experience in the healthcare sector combined with our leading payments technology means that more Australians will benefit from simple digital transactions when visiting their service provider.

InLoop will use the resources and time resulting from the transaction to invest more heavily in its other digital platforms. We continue to see strong growth in our Clickability services marketplace, and we look forward to continuing our long involvement with the NDIS and disability sector”.

Andrew Irvine, NAB’s Group Executive for Business and Private Bank, said simplifying payments for the growing healthcare sector would be a huge step forward for everyone.

“The healthcare sector is already one of the country’s largest providers of employment and the fifth-largest contributor to Australia’s GDP. Australian healthcare payment systems have been cumbersome – resulting in disjointed payment experiences for patients and complexity for healthcare providers.

“Integrating NAB’s HICAPS with LanternPay technology will over time deliver a seamless digital customer experience – with real-time approvals and faster payments for medical, allied health and other providers.

“Customers who previously might have waited days for a reimbursement from the NDIS for example, will now receive this payment on the spot. For many Australians, this will be an absolute game changer.”

The LanternPay team will be moving across with the transaction, ensuring that all partners and customers of LanternPay will continue to receive the same level of service and innovation that they have come to expect.