Just two years after launch, NatWest's open banking payments tool, Payit, has hit the £1 billion in processed payments milestone.
Launched in June 2020, Payit was the first open banking payments solution launched by a UK lender, allowing businesses and consumers to send and receive money securely without having to share any bank details.
It has now handled more than five million payment transactions, averaging £200 in value, removing the need for a card for a slicker, more intuitive customer journey, whilst reducing exposure to fraud and limiting transaction fees.
NatWest is now preparing to pilot Variable Recurring Payments 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, Payit, says: "Speed and cashflow management are critical for everyone - whether you’re a business or a consumer. We are immensely proud to hit this milestone and demonstrate the value that Open Banking technology has on businesses and the public."