Vanquis Bank is launching NatWest’s Open Banking payment solution, Payit, within its mobile app.
The agreement will see Vanquis customers able to make instant payments to their account without the use of a debit card.
As a result, Vanquis customers won’t need to wait 2-3 business days for their balance and available credit to which has been standard up until now.
Nick Gander, Digital Transformation Director at Vanquis, said, “Vanquis is delighted to add Payit to our mobile app, improving the speed and convenience for our customers when making a payment, and a result of our successful partnership with NatWest.”
Paul Thwaite, CEO, Commercial Banking at NatWest, said, “Payit provides businesses and customers with an effortless, safe, and open banking driven payment experience, and we are delighted to work with Vanquis Bank to introduce this innovative new option for its customers. Following the launch last month, we are now scaling Payit up at pace with our customers and look forward to welcoming further new businesses in the coming weeks.”
The service, Payit, uses Open Banking infrastructure to allow UK banks’ customers to pay for services provided by the retailers who use the payment option.