Provident Financial credit card subsidiary Vanquis Bank is launching NatWest’s open banking payment solution, Payit, within its mobile app.
This will enable Vanquis customers to make instant payments to their account without the use of a debit card.
As a result, Vanquis customers won’t need to wait 2-3 business days for their balance and available credit to, as is normally update.
Open Banking was introduced in 2018 by the CMA to allow licensed financial service providers to share customer data.
According to NatWest it is the first major UK bank to utilise open banking to facilitate payments in this way.
FreeAgent, Crown Commercial Service add Payit
Vanquis follows accountancy software provider FreeAgent’s launching Payit to its customers earlier this year. The Crown Commercial Service (CCS) also added Payit to its Payment Acceptance framework.
This makes it available to organisations within the UK government and public sector.
Nick Gander, Digital Transformation Director at Vanquis says:
“Vanquis is delighted to add Payit to our mobile app. This improves speed and convenience for customers when making a payment as a result of our successful partnership with NatWest.”
Paul Thwaite, CEO, Commercial Banking at NatWest adds: “Payit provides businesses and customers with an effortless, safe, and open banking driven payment experience, and we are delighted to work with Vanquis Bank to introduce this innovative new option for its customers. Following launch last month, we are now scaling Payit up at pace with our customers and look forward to welcoming further new businesses in the coming weeks.”
NatWest developed Payit in partnership with Pollinate. Built by Endava and in pilot since 2018, Payit won Retail Banker International’s ‘Best Open Banking Strategy’ award 2020.