Why Open Banking from a bank?

How much do you know about open banking? The practice allows companies to share choice information with third parties for the benefit of businesses, but it has yet to be taken up by every bank on the market.

NatWest is a frontrunner in this regard. Its Payit service allows businesses to process customer payments quickly and easily, all alongside the ability to securely share customer data with added data insights

But how does Payit by NatWest work? And what are its standout benefits?

In this special edition of the ITPro Podcast, in association with NatWest, Jane and Rory are joined by Mark Brant, chief payments officer at NatWest Group, to explore the upsides and inner workings of NatWest Payit.

Highlights

“What open banking does, and Payit does as an application, is enable you to initiate sending a payment or receiving a payment in multiple different ways. So it could be embedding a button onto a website. It could be scanning a QR code.”

“When APIs open up, it gives us the opportunity to experiment and to create new consumer propositions and to move away from a model where everything is very much hard-coded based around big, legacy applications.”

“That extra ability from Payit, to be able to track payments and understand exactly their status, is a really valuable addition for certain types of merchant. It's typically those that are going to dispatch the goods immediately, and want to know before they hand over an item to a courier or to the individual face to face that they're they're going to get their funds.”

Footnotes

• https://www.payitbynatwest.com/itpro
• What open banking means for the future of online transactions
• What is open banking and why does it matter to your business?

Payit terms and conditions apply. Visit https://www.payitbynatwest.com/legal-hub. Your business must be based and trading in the UK with a turnover above £2M. You must be 18 years or older. Fees apply.