NatWest’s multi award-winning Open Banking payments solution, hits a critical milestone processing £1 billion in payments. Launched in June 2020, Payit has handled more than five million payment transactions, averaging £200 in value.
Payit was the first Open Banking payments solution launched by a UK bank. It uses this technology to streamline payment journeys, allowing businesses and consumers to seamlessly send and receive money securely without having to share any bank details.
Payit removes the need for a payment card, helping to create a slicker, more intuitive customer journey, whilst reducing exposure to fraud and limiting transaction fees to save businesses money.
In addition, transactions are processed in near real-time so all parties have a better oversight and control of their finances.
Payit is soon to pilot Variable Recurring Payments (VRP) functionality which is set to replace direct debit and card-on-file payments. Once securely set up, it will allow consumers to authorise Payit to make ongoing payments to a business within agreed parameters.
Mike Elliff, CEO of Payit, comments, “Payit has always been at the forefront of payments technology; built from scratch to meet the demands of the modern business environment, Payit has been leading the industry since its inception in 2020. In just over two years, it’s helped businesses of all sizes send and receive payments, as well as establish itself as an integral part of the online payments ecosystem.