Customers of online loan provider Salad Money can now make loan repayments via their portal online through NatWest’s Open Banking payment solution Payit.
Payit by NatWest gives Salad Money’s customers an additional digital payment method so that they can manage their repayments in a more secure way.
By linking their bank account, Salad Money customers can make “one-click” digital loan payments without the need to enter card details and without being asked for a one-time passcode.
Payit’s Open Banking technology has also enabled Salad Money to roll out a new feature, ‘Pay Ahead’, which gives their customers more options when it comes to how and when to pay, making it easier to make repayments earlier.
The option is available to all customers of Salad Money with a bank account which they can access via online banking or a mobile banking app.
James Hodgson, chief executive officer, Payit by NatWest
James Hodgson, chief executive officer of Payit by NatWest, said: “By being both a provider for traditional banking services and payment initiation through the Open Banking platform, NatWest is able to offer a holistic solution with clear and transparent pricing, as well as quick answers to any questions from the customer regarding a transaction.
“Payit’s safe and secure platform provides a flexible and seamless way for people to make payments directly from their bank accounts and it’s possible with minimal IT integration or disruption.”
Payit works by directly opening the customer’s banking app of choice and allowing them to select the appropriate bank account to pay with, which means transactions are completed quickly and securely, reducing the risk of online fraud, and businesses receive funds immediately.
Last year, investment platform interactive investor introduced NatWest’s Payit to enable customers to deposit funds onto the platform immediately to make investments.
Emmett Smith, chief risk officer at Salad Money, said: “The launch of Payit will provide Salad customers with more flexibility, immediacy, security, and convenience to make payments using a simple bank transfer at a time to suit them. No more 16-digit card numbers.”
Smith said its customers also want the convenience of making their regular payment early.
“Using Payit, we have designed a new feature Pay Ahead which enables them to do so within the space of a few clicks. That’s my payment done for another month,” he added.
In December last year, Salad Money secured the first Open Banking licence given to an independent lender, meaning it can access applicants’ Open Banking data directly, rather than via a licensed partner.
Further reading: Five key challenges Open Banking can help overcome
