National Australia Bank to acquire LanternPay

National Australia Bank Ltd. is acquiring digital health claiming technology business LanternPay as part of its strategy to digitize banking for customers.

The bank's HICAPS Pty. Ltd. unit agreed to acquire Lantern Claims Pty. Ltd. from financial technology company InLoop for undisclosed terms. Lantern Claims operates digital health claiming technology business LanternPay, according to a news release. LanternPay operates a digital claim payments platform for the healthcare, disability, insurance and aged care sectors.

The proposed acquisition is subject to conditions, including regulatory approvals.

Following completion of the proposed acquisition, LanternPay will become part of NAB's health specialization in business and private banking, and will be integrated into HICAPS.