Payit, an Open Banking solution from NatWest, has partnered with Prommt, a pay-by-link platform for remote payments.
Designed to streamline and secure payment processes, Payit allows users to send and receive payments instantly without the need for bank or credit card details. This collaboration aims to transform how businesses collect payments, making transactions faster and more cost-effective while enhancing security.
Enhancing Payment Processes
The integration of these two services offers a modern digital alternative to traditional manual transfers, enabling both corporate clients and merchants to accept payments through an intuitive merchant-branded interface. Payit ensures secure and instant receipt of funds from customers’ bank accounts, eliminating the necessity for sharing personal account information.
Payit also provides immediate confirmation of funds, while Prommt sends real-time notifications to all parties involved, ensuring the transaction’s success. This feature is particularly useful as it allows merchants to attach payment reference data to inbound payments, simplifying reconciliation and speeding up fulfillment processes.
Prommt acts as a smart orchestration layer that enables merchants to set transaction rules based on payment value, supporting both bank and card payments through Payit or Tyl by NatWest. This combination offers an intelligent solution for ensuring a smooth payment experience for customers while helping businesses reduce costs and boost efficiency.
The joint offering also includes a web portal designed to send branded payment requests via SMS, email, or link, with additional features like scheduled sends, group sends, recurring payments, and autocharges. It is also available through the Prommt API for seamless integration into websites, mobile apps, and ERP systems, providing a familiar digital experience via customers’ banking applications.
Key benefits of this solution include improved security through bank-authenticated payments and confirmation of payee details, as well as significant reductions in fraud, manual errors, and chargebacks.
