NAB joins estateXchange to digitise deceased estate administration

It gives users an internal verified list of banks, super funds, registries, amongst others.

National Australia Bank (NAB) is now in the estateXchange platform, which digitises deceased estates’ administration.

NAB said that it is the first major Australian bank to join the estateXchange, an Australian business-to-business digital platform that aims to simplify, digitize, and streamline the administration of deceased estates and superannuation death benefit claims.

The platform provides users with an internal verified list of banks, superannuation funds, share registries and other organisations active on its network.

An estimated A$5.4t in assets is expected to transfer hands between generations in Australia by 2050, NAB said.

For families, the process of administering and transferring those assets could mean working with banks, superannuation funds, share registries, insurers, government agencies, and other organisations across different channels and providing the same information repeatedly, NAB said.

“Joining estateXchange reflects our focus on practical solutions that help make processes simpler and more accessible for customers’ families and their representatives,” said Alan Smyth, NAB executive enterprise operations.