Online loan provider, Salad Money has rolled out NatWest’s multi award-winning1 open banking payments solution Payit, to enable their customers to make loan repayments via their portal online.
Powered by open banking technology through payments initiation, Payit™ by NatWest provides customers with an additional digital payment method to be able to manage their loan payments in a safe and simple way.
This means that Salad Money customers can link their bank account and enjoy one click digital loan payments with reduced friction caused by the need for a card and One Time Passcodes. This has also allowed them to launch their new feature Pay Ahead, giving their customers more options in how and when to pay.
The use of Strong Customer Authentication to prove the account is live and accessible and means sharing account information digitally, in real time also removes the risk of manual error.
The option is available to all Salad Money customers with a bank account with access to online banking or a mobile banking app.
James Hodgson, CEO of Payit™ by NatWest, comments:
“We are delighted to be helping Salad Money better serve their customer needs by leveraging the benefits of open banking through Payit.
“By being both 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.”
Emmett Smith, Chief Risk Officer at Salad Money comments:
“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.”
“Salad customers told us that they 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 few clicks. That’s my payment done for another month.”
Payit™ by NatWest offers key benefits to businesses and their customers, including:
Speed: Payit™ directly opens the customer’s banking app of choice and allows them to select the appropriate bank account to pay with. Transactions are completed quickly and securely and businesses receive funds immediately.
Simple and secure: As there is no need for card details to be stored by a third party, the risk of online fraud is minimised, allowing both the business and customer peace of mind.
Cash flow management: Instant availability of funds is essential for businesses managing cash flow.
Reduced transaction costs for the business.