NatWest has launched an open banking-based service that lets customers of multiple lenders make instant online payments to participating retailers, without the use of a debit or credit card.
Customers who shop at participating merchants can click a Payit button at checkout and be redirected to their bank's app or online banking page, where they log in to complete the payment. It will soon get the ability to process refunds.
Thanks to the UK's Open Banking infrastructure, Payit is available to customers of the UK's nine largest banks. It is being aimed at mid to large corporate companies and has also been named as a supplier to the Crown Commercial Service’s Payment Acceptance framework, meaning it is available to government and the wider public sector.
The service, developed in partnership with Pollinate and built by Endava, is finally launching after two years of piloting, which began with Carphone Warehouse back in summer 2018.
Paul Thwaite, CEO, commercial banking, NatWest, says: "As the largest supporter of UK businesses, we are thrilled to launch Payit by NatWest, allowing mid to larger businesses with an online presence to accept payments directly from their customers’ bank accounts in near real time, providing them with an effortless and safe payment experience.
"We are especially pleased to have used Open Banking technology to achieve this, allowing customers of the UK’s main banks to use this new payment option."