Online loan provider, Salad Money has rolled out NatWest’s multi award-winning* open banking payments solution Payit**, to enable their customers to make loan repayments via their portal online.
Key takeaways:
- Payit is now available to customers on the Salad Money portal to make loan repayments.
- Payit's open banking technology means no card details are required and no customer’s sensitive information will be stored by a third party.
- Digital alternative to card payments that negates the need for One Time Passcode.
Powered by open banking technology through payments initiation, Payit by NatWest provides customers with an additional digital payment method to be able to manage their loan payments in a safe and simple way.
This means that Salad Money customers can link their bank account and enjoy one click digital loan payments with reduced friction caused by the need for a card and One Time Passcodes. This has also allowed them to launch their new feature Pay Ahead, giving their customers more options in how and when to pay.
The use of Strong Customer Authentication (SCA) 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 Salad Money 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 Salad Money better serve their customer needs by leveraging the benefits of open banking through Payit.
By being both provider for traditional banking services and payment initiation through the open banking platform, NatWest is able to offer a holistic solution with clear and transparent pricing as well as quick answers to any questions from the customer regarding a transaction.
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.
Emmett Smith Chief Risk Officer at Salad Money comments:
The launch of Payit will provide Salad customers with more flexibility, immediacy, security, and convenience to make payments using a simple bank transfer at a time to suit them. No more 16-digit card numbers. Salad customers told us that they want the convenience of making their regular payment early.
Using Payit, we have designed a new feature Pay Ahead which enables them to do so within the space of few clicks. That’s my payment done for another month.
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.
*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.
About Payit
Payit is a new multi-award winning NatWest payment solution, here to help businesses and customers benefit from the next generation of payments.
Using Open Banking technology, Payit offers a new way for businesses to collect and send payments online and in person, removing the need for sharing and storing card details.
About Salad Money
Salad Money provides borrowers with an alternative type of lending by using a completely new method of affordability assessment. We assess our applicants on the here and now using their current account data from Open Banking removing the need for a strong credit score.