NatWest has enhanced the way it taps into Open Banking through the launch of its newest feature in Payit, enabling firms to send a domestic payment without needing the recipients’ bank account details.
Utilising Open Banking technology, the new launch seeks to boost seamlessness and bring a new way to collect and send payments online and in person, removing the need for sharing and storing card details.
Mike Elliff, CEO of Payit by NatWest says: “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.”
Furthermore, in order to secure stability, the tech and the transactional journey will also be boosted by multi-factor authentication.
NatWest has long been an advocate of Open Banking and its potential impact on the payment space – with the bank recently calling for increased collaboration between sectors in order to further integrate Open Banking into the mainstream.
This was largely prompted by a report from the firm, which looked to highlight the measures of growth for Open Banking tech.
“This report makes it clear that banks, fintechs and regulators need to work together to design new, flexible frameworks and commercial incentives that will support a far wider range of Open Banking use cases,” stated Claire Melling, Head of Bank of APIs at NatWest Group, at the time.
“By acting on the recommendations in this report, we can enable Open Banking to reach its full potential and, ultimately, deliver new and enhanced propositions that will improve customer choice and experience.”
