NatWest Adds New Functionality to Open Banking

The new Confirmation of Payee functionality is embedded within NatWest’s account-to-account payments platform Payit

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NatWest claims Payit is the first provider to offer open banking payments with CoP. Source: depositphotos.com

NatWest has added the Confirmation of Payee function to its A2A payments platform Payit. Insolvency practitioner Teneo has become the first firm to utilise the new service.

Confirmation of Payee (CoP) is a name-checking tool that verifies the account holder you intend to pay when making a new single sterling UK payment or a single CHAPS payment using Bankline. The new functionality eliminates the current need for manual verification of an individual’s bank account.

Therefore, the first customer to test it – Teneo – will be able to pay those affected by insolvent businesses almost instantly while payments will be safely made into the recipient’s bank account.

"This new, innovative and cost-effective solution removes the need to manually issue cheques or collect and verify creditor bank details. This means we are able to make faster and more secure payments to streamline our creditor distribution processes and revolutionise our industry’s payment solutions in the most time-efficient manner.”
Daniel Butters, CEO of Teneo Financial Advisory UK

As the check is made in real-time before the payment is formally requested, additional verification doesn’t slow down any transactions. Besides, this additional service is provided free of charge to Payit customers. However, there’s a flat fee charged per transaction.

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