Open Banking payments solution Payit by NatWest launched a feature on Tuesday that allows business customers to send domestic payments without requiring the recipients' bank account details. The new feature issues a single-use payment link via email, text messages, and social media channels, which recipients can claim by selecting which account to credit the payment to via NatWest's Payit service.
Users receive push notifications when a link is paid, failed, or expired and have the ability to cancel active links at any time and resend expired ones. This feature was initially introduced to personal customers in February 2023, and since then, more than 100,000 payments amounting to £5 million have been sent through Payit.
According to Mike Elliff, CEO of Payit by NatWest, businesses spend a significant amount of time obtaining payee information from clients and customers 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," he said.
The functionality of this feature is secured by the mobile app's multi-factor authentication (MFA), reducing the risk of payment to an incorrect bank account. Elliff added that as a leader in Open Banking payments, Payit aims to provide customers with an easy and secure way to pay compared with traditional methods.
The feature has been primarily designed for small and micro businesses, as well as sole traders. It can be used for sending low-value payments of up to £250 for purposes such as paying suppliers or for goods and materials. According to NatWest, the feature is particularly useful for issuing non-card refunds, returning deposits, and sending one-off payments.
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