Payit™ by NatWest has partnered with Interactive Investor (ii) to provide a simple and safe way for their customers to validate their bank accounts and enjoy easy, one-click payments.
Key takeaways:
• Payit™ is now available to interactive investor customers through their website and their app to link their preferred bank account and fund ISAs and SIPP (Self Invested Personal Pension)
• Payit’s open banking technology means no card details are required and no customer’s sensitive information will be stored by a third party.
• Immediately credits the money onto investment platform to allow investments to be made immediately.
• Digital alternative to card payments that negates the need for One Time Passcode
Interactive investor (ii) has rolled out NatWest’s multi award-winning* open banking payments solution Payit**, to enable their customers to deposit funds onto the investment platform immediately to allow investments to be made.
Customers can now use Payit to make a payment/a fund deposit online through the ii website and app.
Powered by open banking technology through payments initiation and Account Information Services (AIS), Payit provides investors with an additional digital payment method to be able to manage their investments in a safe and simple way.
Payit offers Account Information Services (AIS) to provide a simple and safe way for people to share information straight from their banking app.
This means that ii investors can link their bank account and enjoy one click digital payments into their ISA or SIPP with reduced friction caused by the need for a card and One Time Passcodes.
The use of Strong Customer Authentication to prove the account is live and accessible and means sharing account information digitally, in real time also removes the risk of manual error.
The option is available to all ii customers with a bank account with access to online banking or a mobile banking app.
James Hodgson, CEO of Payit™ by NatWest, comments:
“We are delighted to be helping interactive investor leverage the benefits of open banking through Payit to streamline and simplify the online experience for their investors. “Payit™’s safe and secure platform provides a flexible and seamless way for people to make payments directly from their bank accounts and it’s possible with minimal IT integration or disruption. Timing can be an important factor when making investments, so moving funds immediately in real time will improve the experience for many ii customers.”
John Dobson, Head of Investment Solutions at interactive investor, comments:
“We are delighted to be partnering with Payit by NatWest and welcome its launch on our platform. At interactive investor, we’re constantly innovating and developing solutions to ensure our investors have a smooth journey on our platform, and Payit is a fantastic addition here. “It’s a straightforward, efficient, and secure service – one that will make life easier for many of our customers.”
Payit™ by NatWest offers key benefits to businesses and their customers, including:
• Speed: Payit directly opens the customer’s banking app of choice and allows them to select the appropriate bank account to pay with. Transactions are completed quickly and securely and businesses receive funds immediately.
• Simple and secure: As there is no need for card details to be stored by a third party, the risk of online fraud is minimised, allowing both the business and customer peace of mind.
• Cash flow management: Instant availability of funds is essential for businesses managing cash flow.
• Reduced transaction costs for the business.
Find out more about how Payit™ can revolutionise your customer experience today.
Sources
*2023 Banking Tech Project Awards Best Use of Tech in Payments, Best Open Banking Initiative at Payment Awards 2024
**You will need to sign up to Payit terms and conditions and you may need to hold an account with us. Your business must be based and trading in the UK with a turnover above £2M. You must be 18 years or older. Fees are based on the volume and average value of transactions.