NatWest’s open banking solution Payit has processed £1bn since its inception in June 2020, a ‘critical milestone’ for the banking giant.
Since its launch, Payit has handled over five million payments of an average transaction of £200 and has helped NatWest customers and business partners process instant payments through the use of its open banking technology.
Initially, Payit facilitated the online collection of payments which then evolved into a tool that enables businesses to make transactions at a quicker rate, eliminating the need for account details to be processed making the payment process more simplified.
“Payit has always been at the forefront of payments technology; built from scratch to meet the demands of the modern business environment, Payit has been leading the industry since its inception in 2020,” commented Mike Elliff, CEO of Payit.
“In just over two years, it’s helped businesses of all sizes send and receive payments, as well as establish itself as an integral part of the online payments ecosystem.”
Payit became the first open banking payments solution launched by a UK bank back in 2020. Since then the open banking platform has helped NatWest and RBS customers to streamline their peer-to-peer payments whilst also enabling SMEs to get paid quicker.
Payit has also outlined plans to pilot a Variable Recurring Payments (VRP) functionality as a part of its ever-growing evolution. Once set up, the VRP pilot will allow consumers to authorise Payit functions for ongoing business payments within the parameters of the open banking system.
Elliff concluded: “Speed and cash flow management are critical for everyone – whether you’re a business or a consumer.
“We are immensely proud to hit this milestone and demonstrate the value that Open Banking technology has on businesses and the public. We know we’re at the forefront of applications of this technology, and cannot wait to see what another two years will bring.”