The UK’s NatWest bank has launched Payit, an online payments service that uses open banking to make it possible for merchants to accept payments directly from consumers’ bank accounts.
“With customers of the UK’s nine largest banks eligible, consumers don’t need to bank with NatWest to take advantage, and can use the service by selecting the Payit button on the merchant’s payment page and then selecting the bank they wish to pay from,” the bank explains.
“The consumer is then automatically redirected to their bank’s mobile or online banking to complete the payment. Payit then provides settlement to the merchant within two hours via faster payments.”
A video produced by NatWest shows how the service works:
“Compared to debit or credit card offerings Payit will save you a minimum of 25% for average transaction values of approximately £80 (US$99.66), and there is no need to store customer billing data,” NatWest says.