NatWest launches Open Banking payments service

NatWest has launched a new online payment service, Payit by NatWest, which allows customers to make instant online payments to participating retailers, without the use of a debit or credit card.

Payit uses the Open Banking infrastructure to let customers of UK banks pay for products and services offered by retailers who use the service, which is targeted at mid to large corporate companies.

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 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.

Developed in partnership with Pollinate, built by Endava, and in pilot since 2018, Payit has been named as a supplier to the Crown Commercial Service’s (CCS) Payment Acceptance framework, meaning it is now available to UK government and the wider public sector. CCS supports the public sector to achieve maximum commercial value when procuring common goods and services.

Accountancy software provider FreeAgent will also offer Payit on its online and mobile platforms imminently, allowing customers to make instant payments from any bank or building society.

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