NatWest’s Open Banking-powered payment solution PayIt has been integrated by Utilita to enable more customers to add funds to their smart meters.
Through the My Utilita app, customers can now use the Pay by Bank payment method supported by PayIt to instantly send funds to their smart meter or wallet more seamlessly and efficiently.
This integration by Utilita is in a bid to streamline how its 800,000 households look to make the consumer process of paying for energy bills more stress-free.
Utilita Founder and CEO, Bill Bullen, said: “At Utilita, we’re constantly innovating and developing solutions to ensure our customers have a smooth journey on our award-winning My Utilita app, and Payit is a fantastic addition here.
“With Payit, our customers can make secure, fast payments directly from their bank account, via mobile banking. The added security afforded by Open Banking technology massively reduces the risk of sensitive information, such as card details, falling into the wrong hands.
“Payit offers an efficient and secure service – one that will make life easier for many of our customers.”
Utilising the efficiency of Open Banking, NatWest’s PayIt seeks to provide customers more payment options through methods like Pay by Bank to suit their needs and preferences.
Customers of UItilita can link their bank accounts and access the on-click payment checkout once connected to PayIt, aiming to reduce friction and remove the need for one time passwords.
PayIt’s Pay by Bank is also backed by Strong Customer Authentication to ensure high security and protection of customers’ sensitive information and data.
Further benefits PayIt provides are speed of transaction, simple and secure authentication, improved cash flow management, and reduced transaction costs for businesses and merchants.
James Hodgson, CEO of NatWest PayIt, added: “We are delighted to be helping Utilita leverage the benefits of open banking through Payit to streamline and simplify making and collecting payments.
“Payit’s safe and secure platform provides a flexible and seamless way for people to make payments directly from their bank accounts and for businesses to improve their operational costs.”
Pay by Bank is one of the most popular instances of a rise in consumer demand for more account-to-account (A2A) payments.
Open Banking platform Yaspa revealed this year that 55% of UK adult consumers are familiar with A2A payment solutions like Pay by Bank as more payment providers like Trustly are leading adoption rates with its expansion of the payment method.
