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.
The link can be issued via email, text message, or social media channels and the recipient can ‘claim’ the link by selecting which account to credit the payment to via NatWest’s open banking payments service.
Users receive push notifications when a link is paid, failed, or expired. Users can also cancel active links at any time and resend expired ones.
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.
The new functionality is also deemed useful for time-consuming admin such as issuing non-card refunds, returning deposits, and sending one-off payments.
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.”
Since launching for personal customers in February, over 100,000 payments have been sent through Payit for a total of £5 million.