NatWest’s Payit Introduces Secure Payment Links for Open Banking Payments
In a move towards simplifying and enhancing payment processes, NatWest’s open banking payment platform, Payit, has unveiled an innovative feature that enables businesses to make payments without requiring the recipient’s account details, according to Finextra. This groundbreaking development allows businesses to send secure, single-use payment links via various communication channels, including email, text messages, and social media.
The recipient of the payment link has the flexibility to choose which account to credit the payment to, using NatWest’s open banking payments service. Furthermore, users of this service receive real-time push notifications, keeping them informed about the status of their payment links, whether they have been successfully processed, failed, or have expired. Additionally, users have the option to cancel active links at their discretion and can even resend expired ones.
One of the key security features of this new functionality is the integration of Multi-Factor Authentication (MFA) within the mobile app, significantly reducing the risk of payments being directed to the wrong bank account. This added layer of security ensures that transactions are carried out with the utmost precision and accuracy.
While initially designed with small and micro businesses in mind, this payment link feature is versatile and can be used for sending low-value payments of up to £250. It proves to be a valuable asset for businesses looking to pay suppliers or acquire goods and materials conveniently and securely.
Furthermore, the innovative functionality offered by Payit by NatWest extends beyond conventional payment scenarios. It serves as a practical solution for handling time-consuming administrative tasks, such as issuing non-card refunds, returning deposits, and facilitating one-off payments.
Mike Elliff, CEO of Payit by NatWest, highlighted the time-saving potential of this development, stating, «A significant chunk of admin time is spent communicating with clients and customers to obtain their payee information to send them money. With Payit, we’re helping customers save time previously lost on admin by allowing them to pay someone without needing to know their bank account details.»
Since its introduction for personal customers in February, Payit has witnessed significant adoption, with over 100,000 payments processed, totaling £5 million. This impressive growth underscores the demand for streamlined and secure payment solutions that simplify financial transactions for individuals and businesses alike.
NatWest’s Payit platform continues to push the boundaries of open banking innovation by introducing secure payment links. This development promises to revolutionize payment processes, providing businesses with a faster, more efficient, and secure means of making payments, ultimately saving time and reducing administrative burdens.