NAB is expected to pay an unknown price for the acquisition of LanternPay, healthcare claims and payments platform owned by Australian fintech InLoop. Subject to regulatory clearance, the planned purchase would allow NAB to supplement its Health Industry Claims and Payments Service (HICAPS) with LanternPay’s technology.
LanternPay and its platform is utilized in the healthcare, disability, insurance, and aged care sectors, and it was “purpose-built to standardise the claims and payment experience for all suppliers of services to government and private healthcare schemes,” according to a statement from NAB.
According to the bank, integrating LanternPay with HICAPS would “simplify administration and expand payment alternatives when visiting a healthcare practitioner.”
“Australian healthcare payment systems have proven burdensome, resulting in disconnected payment experiences for consumers and complexity for healthcare providers,” said Andrew Irvine, NAB’s group executive for business and private banking.
“By combining NAB’s HICAPS with LanternPay technology, we will be able to provide a more seamless digital consumer experience, with real-time approvals and speedier payments for medical, allied health, and other providers.”
Geoff Austen, co-founder and managing director of InLoop, stated that the NAB purchase means “more Australians will benefit from easy transactions when they visit the dentist, doctor, or therapist.”
Austen, the second-largest stakeholder in InLoop after Macquarie Capital, told iTnews that he will continue to be active with LanternPay and HICAPS following the changeover and will remain managing director of InLoop.
Westpac originally owned a 10% interest in InLoop, but Austen claimed the bank has since reduced its holdings.
While the purchase is still subject to conditions such as governmental clearances, Austen stated that “we are optimistic of acquiring them and completing [the acquisition] by the first quarter of this year.”
The deal will offer resources for InLoop to build its other businesses, including Flexischools, Clickability, and Neuronic.
“The extra time and resources resulting from this sale will be focused in building these enterprises,” Austen added.
