NatWest has announced the launch of a new online payment service, Payit, which allows customers to make instant online payments to participating retailers, without the use of a debit or credit card.
The bank revealed that Payit uses Open Banking infrastructure to allow customers of UK banks to pay for products and services offered by retailers who use the service, and is targeted at mid to large corporate companies.
Open Banking was introduced in 2018 by the CMA to allow licensed financial service providers to share customer data, and NatWest said its 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, NatWest indicated that consumers don't need to bank with NatWest to take advantage, and would be automatically redirected to their bank’s mobile or online banking to complete a payment.
The UK Government has also signed the service up through its Crown Commercial Service (CCS) Payment Acceptance framework, with a view to making use of the functionality to accept payments across its variety of public websites.
NatWest CEO commercial banking, Paul Thwaite, commented: “As the largest supporter of UK businesses, we are thrilled to launch Payit by NatWest, allowing mid to large businesses with an online presence to accept payments directly from their customers’ bank accounts in near real time, providing them with an effortless and safe payment experience.
“We are especially pleased to have used Open Banking technology to achieve this, allowing customers of the UK’s main banks to use this new payment option. Payit joins our growing portfolio of digital innovations for businesses, showing NatWest’s commitment to helping them thrive and achieve their potential.”
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