UK-based investment platform interactive investor (ii) has introduced NatWest’s Open Banking payments solution Payit to enable customers to deposit funds onto the platform immediately to make investments.
Customers can use Payit by NatWest through the ii website and app to link their preferred bank account and fund ISAs, general investment accounts and SIPPs (Self Invested Personal Pensions).
Among the benefits for ii’s customers are that Payit by NatWest directly opens the customer’s banking app of choice and allows them to select the appropriate bank account to pay with, meaning that businesses receive funds immediately.
James Hodgson, chief executive officer, Payit by NatWest
By using Open Banking technology, there is no need for card details or sensitive information to be stored by a third party, which reduces the risk of fraud.
Payit is a digital alternative to card payments that removes the need for a one-time passcode and also reduces transaction costs for the business.
The option has been made available to all ii customers with a bank account with access to online banking or a mobile banking app.
James Hodgson, chief executive officer of Payit by NatWest, said: “We are delighted to be helping interactive investor leverage the benefits of Open Banking through Payit to streamline and simplify the online experience for their investors.
“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.
“Timing can be an important factor when making investments, so moving funds immediately in real time will improve the experience for many ii customers.”
John Dobson, head of investment solutions at interactive investor, added: “At interactive investor, we’re constantly innovating and developing solutions to ensure our investors have a smooth journey on our platform, and Payit is a fantastic addition here.
“It’s a straightforward, efficient, and secure service – one that will make life easier for many of our customers.”
Earlier this year, the UK’s largest pub operator JD Wetherspoon integrated Payit by NatWest into its app, enabling customers to pay for food and drink using Open Banking technology.
At the start of the year, Payit by NatWest released the findings of a survey which showed that UK businesses already using Open Banking reported saving 150 hours annually on operational tasks.
