NatWest Releases New Open Banking Payment Solution
(27 June 2020 – United Kingdom) NatWest have introduced a new open banking solution labelled ‘Payit®’ that will allow merchants to collect eCommerce payments.
The product will enable instant online payments without the need for credit or debit cards. At present, the solution has mainly been targeted for mid to large corporates. The use of this technology will allow customers to make payments via the new open banking payment solution and then be redirected to their banking provider to complete this payment through mobile or online banking. NatWest will be the first major United Kingdom (UK) bank to support this method of payment.
“The UK payments market continues to evolve rapidly in response to consumer behavioural trends, regulatory framework and new technology acceptance. Strong online payments growth momentum continues to be a key characteristic of the UK payments market” commented East & Partners Europe Market Analyst, Pierre Sokoya.