Payit™ by NatWest, the multi award-winning open banking payments solution based in London, UK, has rolled out its innovative new feature on 12th September.
This latest introduction aims to facilitate business banking customers to initiate a domestic payment without the need for the recipients’ bank details, streamlining the process and significantly reducing admin time.
Payit by NatWest is a pioneering open banking payment solution developed for NatWest and RBS Business Banking Mobile users. It has been recognised multiple times for its commitment to revolutionising payment methods and enhancing user experience.
The standout feature of this new service allows users to send a secure, one-off payment link via email, text message, or social media. The recipient can then ‘claim’ this link, selecting the account they wish to credit the payment to via Payit’s platform. With real-time tracking, users are notified immediately when a link is paid, fails, or expires. Active links can also be cancelled and expired ones resent, ensuring users maintain full control over their transactions.
Ensuring security, the feature uses the mobile app’s Multi-Factor Authentication (MTA) which minimises the chances of payments being made to incorrect accounts. Cost-wise, customers won’t find themselves paying over their standard payment fees. Importantly, the feature requires no registration from either the sender or receiver, effectively eliminating potential participation barriers.
Designed predominantly for small and micro businesses, the new feature suits a variety of professionals such as sole traders, smaller manufacturers, and individuals in the health, beauty, and fitness sectors. It’s ideal for low-value transactions (up to £250), useful for suppliers, and for the purchase of goods and materials. The feature also assists businesses with issuing non-card refunds, returning deposits, and making one-off payments. Furthermore, in its ongoing evolution, Payit has also unveiled a new function that lets users add QR codes to their digital wallets for swift and convenient payment access.
Payit by NatWest CEO Mike Elliff said, “Customer research has highlighted that businesses are time poor. A significant chunk of admin time is spent communicating with clients and customers to obtain their payee information to send them money.
“With Payit, we’re helping customers save time previously lost on admin by allowing them to pay someone without needing to know their bank account details. As a leader in open banking payments, Payit ensures we provide customers with an easy and secure way to pay someone compared with alternative and traditional methods.”
Since its launch for personal customers in February, Payit has processed over 100,000 payments, amassing a total of £5m.
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