NatWest has announced the launch of a new online payment service, Payit™ by NatWest, it allows customers to pay for products and services offered by retailers who use the service, which is targeted at mid to large corporate companies.
With customers of the UK’s nine largest banks eligible, consumers don’t need to bank with NatWest to take advantage, and can use the service by selecting the Payit™ button on the merchant’s payment page and then selecting the bank they wish to pay from. The consumer is then automatically redirected to their bank’s mobile or online banking to complete the payment. Payit™ then provides settlement to the merchant within 2 hours via faster payments.
Paul Thwaite, CEO, Commercial Banking at NatWest said: ‘As the largest supporter of UK businesses, we are thrilled to launch Payit™ by NatWest, allowing mid to large 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. Payit™ joins our growing portfolio of digital innovations for businesses, showing NatWest’s commitment to helping them thrive and achieve their potential.’
