Payit, NatWest’s Open Banking payments solution, has announced the processing of £1 billion in payments.
The milestone follows Payit’s 2020 launch – with the platform since having processed more than five million payments transactions, averaging £200 in value, the bank said.
According to NatWest, Payit was the first Open Banking payments solution launched by a UK bank.
It uses Open Banking technology to streamline payment journeys, allowing businesses and consumers to send and receive money without having to share any bank details.
Mike Elliff, chief executive of Payit, commented: “Payit has always been at the forefront of payments technology; built from scratch to meet the demands of the modern business environment, Payit has been leading the industry since its inception in 2020.”
He added: “In just over two years, it’s helped businesses of all sizes send and receive payments, as well as establish itself as an integral part of the online payments ecosystem.”
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