NatWest has unveiled a significant improvement to its open banking payments service. The enhancement to Payit by NatWest is aimed primarily at business users and promises to offer added convenience when companies need to send payments.
Payit by NatWest will now let businesses send payments directly to their customers without needing to have their bank details, relying instead on the power of open banking. The new feature will effectively eradicate the need for cheques and even bank transfers.
The improved service should allow businesses to operate more efficiently, particularly when they need to issue refunds or make customer service payments. NatWest has also highlighted how the feature could prove useful for things like compensation payments or for issuing cash in emergency situations.
Central to the efficiency of the new Payit By NatWest feature is its use of the Faster Payments framework. This allows money to be moved in a matter of seconds, with a ceiling on payments currently set at £250,000. Prior to the move, business owners would invariably have to visit a branch to pay in cheques or gain access to their funds.
Payit by NatWest
James Hodgson from Payit by NatWest said: “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. With Payit now having processed over 200,000 fast, simple and safe transactions for our existing business customers, NatWest is looking forward to helping many more of the UK’s top businesses and their customers send and receive money in 2021.”
Payit first launched at the beginning of last year offering business customers the ability to collect payments from their customers using the convenience of open banking. NatWest plans further enhancements to the service during 2021 by using open banking to let merchants integrate Payit into their own technology infrastructure.