Payit, an open banking tool by NatWest, has now processed over £1bn in payments.
Payit was launched by NatWest two years ago.
The open banking payments solution allows businesses and consumers to make and receive payments.
It has now processed over 5mn payments, with around £200 as their average value.
What does this mean?
NatWest has been the first UK lender to launch an open banking payments solution, and Payit CEO Mike Ellif says that the milestone shows “the value that Open Banking technology has on businesses and the public”.