IBOS member NatWest has announced the launch of a new online payment service, Payit™, targeted at mid to large corporate companies.
Payit™ allows customers to make instant online payments to participating retailers, without the use of a debit or credit card. This new payments service results in an efficient, fair, simple and safe payment experience, using the Open Banking infrastructure to allow customers of UK banks to pay for products and services offered by retailers who use the service.
Open Banking was introduced in 2018 by the CMA to allow licensed financial service providers to share customer data, and NatWest’s use of the technology means it is the first major UK bank to utilise open banking to facilitate payments in this way.
With customers of the UK’s nine largest banks eligible, consumers don’t need to bank with NatWest to use this service. It can be used by selecting the Payit™ button on the merchant’s payment page and then selecting the bank they wish to pay from. The consumer is then automatically redirected to their bank’s mobile or online banking to complete the payment. Payit™ then provides settlement to the merchant within two hours via faster payments.
Accountancy software provider FreeAgent will also offer Payit™ on its online and mobile platforms imminently, allowing customers to make instant payments from the UK’s nine biggest banks (CMA9).
Payit™ was the winner of the Celent Model Bank Innovation Frontier Award in 2020, in addition to the Best Open Banking initiative at the 2019 Financial Innovation Awards.
Read the full press release via RBS here.