Parmenion includes Open Banking investment top-up capability

In a bid to provide its customers with additional capabilities, Parmenion now facilitates investments directly from bank accounts through an Open Banking top-up tool. To further optimise payments, the company entered into a collaboration with Payit by NatWest, an option for sending and receiving funds instantly without the need for bank or card details.

With the support of their adviser, clients can now leverage Payit to conduct top-up payments more efficiently than before. NatWest’s feature allows payments via the online bank of a client’s choice leveraging a QR code, with users not having to bank with the financial institution to be able to access it. Also, due to the tool working with online banking, clients do not require a mobile banking app.

Parmenion’s development strategy

Since the start of its operations in 2007, Parmenion has been focusing its efforts on offering an investment capability and a diverse range of investment services to support financial advice companies in developing their propositions.

Now, Parmenion underlined its intention to further scale the Open Banking capability and simplify how clients withdraw funds. In addition, the company is conducting collaborative work with advisers to have a better understanding of how Open Banking payment technology can deliver increased efficiency in the future. Moreover, Parmenion plans to augment client reporting, allowing advisers to customise reports for their clients and, as a response to adviser feedback, the company launched tiered adviser charging, having a client grouping feature currently live.

Representatives from Parmenion commented on the news, mentioning their company’s commitment to making the process of topping up investments simpler and more intuitive for individuals. Even if Parmenion adopted Open Banking and now delivers the Payit tool onto its platform, the company still enables investment account top-ups through traditional methods, including bank transfers and cheques, to support individuals who may not be as comfortable with using online and mobile banking.