Online loan provider Salad Money has begun to roll out NatWest’s Open Banking payment solution Payit, seeking to make loan repayments for its customers more simple.
Accessible via an online portal, Salad Money customers can link their bank accounts through one click to enable digital loan payments which is supported by Strong Customer Authentication for an added layer of security.
Payit by NatWest then provides customers with an additional payment method that allows them to manage their loan repayments. This single platform solution aims to make this process as efficient and seamless as possible.
Emmett Smith, Chief Risk Officer at Salad Money, said: “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’.”
Salad Money will also offer its Pay Ahead feature to customers enabling them more options when it comes to how and when they make their repayment. This is protected by Strong Customer Authentication to mitigate the risk of manual errors.
Payit by NatWest’s introduction to Salad Money customers will help make the process quicker via the power of Open Banking, allowing them to directly select the relevant bank account, completing transactions faster.
With reduced transaction costs, a more simple and secure login method and greater control over cash flow management for businesses, Payit has been integrated into merchants’ infrastructure like JD Weatherspoon, the largest pub retail chain in the UK.
James Hodgson, CEO of Payit by NatWest, added: “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.”
