NatWest Payit users will receive push notifications when a payment link gets paid, fails, or expires. They can also cancel active payment links at any time and resend expired ones.
NatWest’s open banking payment platform Payit has introduced a new function. Now both businesses and individuals who use Payit can send a secure, single-use payment link and make a payment without the recipient’s account details.
The link can be sent via email, text message, or social media. It’s available in the NatWest banking app for all eligible customers. Mainly targeted at small and micro businesses, the payment link enables sending low-value payments (up to £250), which are often required to pay suppliers for goods and materials.
Back in February, the feature launched for NatWest personal customers. It enables individuals to request money from family or split the bill up to £250 with friends. According to the bank, over 100,000 payments have been sent through Payit since its launch, with a total amount of £5 million.
For individuals, sharing payment details via reusable QR codes or multi-use links with multiple payers is also possible. Whether similar functionality will be added for business customers as well, is currently not disclosed.
Businesses, utilising the Payit option, can benefit from it in numerous time-consuming use cases such as issuing non-card refunds, returning deposits, and sending one-off payments.
“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.”
Mike Elliff, CEO of Payit by NatWest
For the customers’ convenience, users receive push notifications when a link is paid, failed, or expired. They can also cancel active links at any time and resend expired ones.
The new functionality is supported by the mobile app’s Multi-Factor Authentication (MFA). That reduces the risk of a payment going to an incorrect bank account.
Earlier this month, NatWest partnered with the Icon Payments Framework (IPF) to modernise its payments system with a low-code framework in compliance with the new global ISO 20022 payment data message standards.
