Online loan provider, Salad Money, has partnered with NatWest to integrate Payit™, the bank’s award-winning open banking payments solution, enabling customers to make loan repayments directly through its online portal.
The collaboration is aimed at offering Salad Money customers a safer, simpler, and faster way to manage their loan payments using digital technology, without relying on card details or One Time Passcodes, according to FF News. This move enhances payment flexibility and convenience.
Salad Money, known for offering fair and affordable loans to public sector workers, and NatWest, a major UK retail and commercial bank, are working together to leverage the benefits of open banking.
The integration of Payit™ allows customers to link their bank account, making digital loan repayments seamless with just one click.
A key feature launched through this partnership is Pay Ahead, giving Salad Money customers the option to make early repayments via their online portal. This flexibility empowers customers to manage their finances on their own terms.
Strong Customer Authentication ensures the bank account is live and accessible, securely sharing account information in real-time while removing manual errors.
This secure digital solution reduces friction and the risk of fraud, as there is no need for card details to be shared or stored.
The service is available to all Salad Money customers with a bank account and access to online or mobile banking.
James Hodgson, CEO of Payit™ by NatWest, comments: “We are delighted to be helping Salad Money better serve their customer needs by leveraging the benefits of open banking through Payit.
“By being both provider for traditional banking services and payment initiation through the open banking platform, NatWest is able to offer a holistic solution with clear and transparent pricing as well as quick answers to any questions from the customer regarding a transaction.
“Payit™’s safe and secure platform provides a flexible and seamless way for people to make payments directly from their bank accounts and it’s possible with minimal IT integration or disruption.”
Emmett Smith, chief risk officer at Salad Money, comments: “The launch of Payit will provide Salad customers with more flexibility, immediacy, security, and convenience to make payments using a simple bank transfer at a time to suit them. No more 16-digit card numbers.”
“Salad customers told us that they want the convenience of making their regular payment early. Using Payit, we have designed a new feature Pay Ahead which enables them to do so within the space of a few clicks. That’s my payment done for another month.”
Payit™ by NatWest offers several key benefits to businesses and their customers, including:
- Speed: Transactions are completed quickly and securely, with businesses receiving funds immediately.
- Simple and secure: As there is no need for card details to be stored by a third party, online fraud risk is minimised.
- Cash flow management: Instant availability of funds supports businesses in managing their cash flow.
- Reduced transaction costs: Lower transaction fees for businesses compared to traditional payment methods.
