NatWest has added new Confirmation of Payee functionality within its account-to-account payments platform Payit.
In Brief:
Businesses will be able to ensure payments go into the right bank account without the need for manual verification.
NatWest says it’s the first provider to offer open banking payments with Confirmation of Payee.
Its first user will be insolvency practitioner Teneo.
What does this mean?
Payit will enable customers to automatically check account details through Confirmation of Payee – which Payit CEO Mike Elliff says is “a great example of listening to customer pain points and providing a solution which resolves these”.
