Payit by NatWest’s research has found that 47% of UK businesses surveyed now use Open Banking, while 93% want providers regulated like banks.
Payit by NatWest has published its latest Frictionless Payments research, based on a Censuswide survey of 1,401 UK respondents across two waves. These included 600 senior financial decision-makers in professional services, financial services, education, and transport, surveyed in July 2026. The previous year’s research found that 28% of businesses had not adopted Open Banking because they did not understand it. This year, 47% of respondents said they now use Open Banking, and 94% said they are likely to trial it as a payment method within the next 12 months.
Regulation and security drive confidence
As adoption grows, trust in providers is becoming a central issue. According to the research, 93% of respondents said it is very or extremely important that Open Banking providers are subject to the same requirements and regulatory oversight as banks. In addition, 34% said stronger security and fraud prevention would make them more likely to adopt Open Banking, while 27% said they would be encouraged if a well-known financial institution offered the service.
James Hodgson, CEO of Payit by NatWest, stated that businesses are increasingly open to new ways of making and receiving payments, but that the experience needs to be faster, simpler, and more secure. According to Hodgson, businesses also want confidence that their providers are held to the right standards, and providers can build that trust by working with banks and regulators and demonstrating strong security.
Payment friction remains a problem
The survey also highlights continuing problems with business payments. In total, 59% of respondents said their current payment processes result in late payments, and 55% said these processes are not efficiently integrated with their existing infrastructure. More than half (55%) said customer payments are too slow, compared with 49% in the previous year who said payment processing was not fast enough. Among businesses affected by late payments, 23% said this increases operational costs, 22% said it affects customer satisfaction and retention, and 20% said it limits growth.
Charlotte Crosswell, former Chair and Trustee of Open Banking Ltd, stated that Open Banking is entering a new phase in which building and maintaining trust will be critical. According to Crosswell, businesses and their customers need confidence that providers can deliver secure, reliable services with appropriate protections in place, and the next step is to turn growing awareness and adoption into lasting value through innovation and strong customer protection.
