NatWest's open banking payment platform Payit has introduced a new way for businesses to make a payment without needing the recipient's account details, by sending a secure, single-use payment link.
In brief:
-The link can be issued via email, text message, or social media channels
-The functionality is secured by the mobile app’s Multi-Factor Authentication (MFA), reducing the risk of a payment to an incorrect bank account.
-Primarily designed for small and micro businesses, the payment link can can be used for sending low value payments (up to £250) to pay suppliers and to pay for goods and materials.
What does this mean?
Mike Elliff, CEO of Payit by NatWest says: “A significant chunk of admin time is spent communicating with clients and customers to obtain their payee information to send them money. With Payit, we’re helping customers save time previously lost on admin by allowing them to pay someone without needing to know their bank account details.”
