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NatWest has launched its new online payment service ‘Payit’. The service will help merchants to more easily collect ecommerce payments, by allowing consumers to bypass the need for a debit or credit card.<\/p>\n
![](\"https:\/\/www.fintechfutures.com\/files\/2020\/06\/payit.jpg\")
<\/p>\nThe service uses open banking infrastructure<\/p>\n<\/div>\n
The venture is not to be confused with US-based fintech, PayIt, which processes payments for America’s public services.<\/p>\n
How it works<\/p>\n
A Payit button appears on merchants’ payment pages, allowing consumers to select which bank they want to pay from.<\/p>\n
The consumer then gets redirected to their bank’s mobile or online banking app to complete the payment.<\/p>\n
Consumers using Payit do not need to bank with NatWest, but do have to bank with one of the UK’s nine largest banks.<\/p>\n
These include AIB Group, Bank of Ireland, Barclays Bank, HSBC Group, Lloyds Banking Group, Nationwide Building Society, Danske Bank, RBS and Santander.<\/p>\n
The service uses open banking infrastructure. In the coming weeks, Payit says it will introduce a capability to allow merchants to process refunds.<\/p>\n
The bank also plans to integrate with accountancy software provider, FreeAgent. This would allow customers from any bank or building society to make instant payments.<\/p>\n
NatWest says it is one of the first banks to utilise open banking as a payment initiation service provider (PISP), rather than as an account information aggregator (AISP).<\/p>\n
The fintech behind Payit<\/p>\n
![](\"https:\/\/www.fintechfutures.com\/files\/2020\/06\/pollinate-creates-natwest-payit.jpeg\")
<\/p>\nThe Pollinate team collecting an award for Payit at the Financial Innovation Awards 2019<\/p>\n<\/div>\n
London-based, RBS-backed fintech, Pollinate, started building a pilot for Payit in Septmeber with public technology company Endava.<\/p>\n
Pollinate focused on two key challenges for merchants: cash flow and the cost of online payments.<\/p>\n
It says it has reduced the cost of online payments by at least 25%, based on an average transaction of 25%.<\/p>\n
Pollinate also built Tyl for NatWest in September 2019. Tyl is a merchant payment platform in competition with the likes of iZettle, Worldpay and Square.<\/p>\n
Tyl offers card machine and online payment solutions such as link payments and payment pages.<\/p>\n
Looking ahead<\/p>\n
The bank looks to tap “mid to larger businesses with an online presence” with Payit. NatWest’s commercial banking CEO, Paul Thwaite, says the service joins a “growing portfolio of digital innovations for businesses”.<\/p>\n
On Pollinate’s website, the fintech says Payit – whilst targeting the UK – does have the potential for replication across other key markets, such as Australia or Canada.<\/p>\n
Payit is also a supplier to the Crown Commercial Service’s (CCS) Payment Acceptance framework. This means the UK government and the wider public sector can use it.<\/p>\n
Tags:<\/b> Ruby Hinchliffe<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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NatWest has launched its new online payment service ‘Payit’. The service will help merchants to more easily collect ecommerce payments, by allowing consumers to bypass the need for a debit or credit card. The service uses open banking infrastructure The venture is not to be confused with US-based fintech, PayIt, which processes payments for America’s … Continue reading NatWest launches its no-card payments service Payit<\/span><\/a> Continue Reading