NatWest Opens Up New Payment Platform to Businesses
(01 March 2021 – United Kingdom) NatWest is implementing open banking technology as a tool to allow businesses to make payments without the need for bank details. The Bank’s new flagship open banking payment service, Payit, seeks to replace the use of traditional payment methods such as cheques and bank transfers.
The bank is currently working on enhancing its open banking capability through its Application Programming Interface (API) technology, allowing merchants to integrate Payit directly with their own systems.
“The need for businesses to send their customers money often occurs at the most crucial moments, and yet the typical methods can be slow, inefficient and expensive. We’re aiming to transform that experience with Payit, which now allows businesses to send payments that are credited to customer accounts in a matter of seconds, and all without the need for their bank details” commented NatWest Head of Payit, James Hodgson.