This partnership enables Interactive Investor’s users to deposit funds onto the platform in real-time for every investment.
Customers who own a bank account with access to online banking or a mobile banking app can utilise Payit directly through Interactive Investor’s website and app. This allows them to link their bank account and fund general investment accounts, ISAs and SIPPs.
With Payit, Interactive Investor’s customers can directly open their bank app of choice and select the appropriate bank account they want to pay with. This allows the funds to transfer to businesses in real time.
By leveraging Open Banking technology, Payit removes the need for card details and sensitive information to be stored by a third-party, thus reducing the risk of fraudulent activity. Additionally, this technology enables customers to make rapid payments and move funds immediately.
With this collaboration, NatWest’s aim is to simplify the online experience for Interactive Investor’s users. Using minimal IT integration and disruption, Payit’s platform provides a secure way for investors to make payments directly from their bank account.
Interactive Investor’s goal is to focus on their customer’s needs and provide them with a secure and practical platform.
In February 2024, Payit by NatWest conducted a study involving 150 UK-based business leaders with an annual GDP of two million or more.
The results indicate that 66% of larger UK businesses have adopted Open Banking, reporting an average annual time saving of 150 hours, equivalent to over four working weeks. These hours were previously allocated to operational tasks such as invoice processing, managing financial data and recurring payments, highlighting the operational advantage gained through Open Banking.
Incorporating this technology, UK businesses can save approximately 12.5 hours per month. This concludes that Open Banking effectively addresses payment processing costs and reduces the time spent on financial tasks, potentially enhancing customer satisfaction and productivity.
When it comes to small businesses, Open Banking can help improve financial decision making, increase access to guidance and advice, refine borrowing habits, increase savings and investments and expand payment choices, among other benefits, according to The Open Banking Impact Report. This results in increased adoption in the UK, with small businesses leading the way in Open Banking integration, reaching the record high of 17% active users in 2023.
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