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March 2, 2021updated 18 Mar 2021 8:47am

NatWest introduces new Open Banking payments service

By Mohamed Dabo

NatWest has launched a new payments service that participating retailers can use without a debit or credit card.

The new online payments service, called Payit by NatWest, “results in a fast, fair, simple and safe payment experience,” the company said.

Payit uses the Open Banking infrastructure to allow customers of UK banks to pay for products and services offered by retailers who use the service.

It is targeted at mid to large corporate companies

Open Banking was introduced in 2018 by the CMA to allow licensed financial service providers to share customer data. NatWest’s use of the technology means it’s the first major UK bank to utilise open banking to facilitate payments in this way.

In the coming weeks, Payit will also be introducing capability to allow merchants to process refunds.

With customers of the UK’s nine largest banks eligible, consumers don’t need to bank with NatWest to take advantage of the service.

They can use it by simply 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.

Paul Thwaite, CEO, Commercial Banking at NatWest said:

“As the largest supporter of UK businesses, we are thrilled to launch Payit by NatWest. It allows mid to larger businesses with an online presence to accept payments directly from their customers’ bank accounts in near real time.

The service provides 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.”

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