NatWest’s open banking payments solution Payit has teamed up with Teneo to accelerate the digital transformation of its payments.
Teneo will be the first customer to use Payit’s new functionality which incorporates Confirmation of Payee (CoP).
As a financial advisory firm that pays dividends to employees and creditors affected by insolvent businesses, Teneo sought a solution that provided quick payments. But, it also needed to be capable of this when bank details are not readily available.
It stated that the existing process for this was manual and required individuals to prove their bank account details before a payment was made.
Payit, which easily integrates with existing technology, will empower Teneo to pay those affected by insolvent businesses almost instantly whilst ensuring payments can only be made into the recipients’ bank account. With this, Teneo can be rid of manual verification.
Payit CEO Mike Elliff said, “CoP is a great example of listening to customer pain points and providing a solution which resolves these. Without CoP, these name checks would usually be done manually and result in a time-consuming laboursome process that is open to error.
“Now through the use of Payit, customers can do these automatically. This additional service will be provided free of charge to Payit customers – with a flat fee charge per transaction for every payment sent.”
Earlier in the month, NatWest named David Grunwald, a former Google executive, as the company’s first-ever director of innovation and partnerships. In the role, Grunwald will focus on partnerships and innovation.
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