Through this initiative, Salad Money’s customers can benefit from an additional digital payment method to manage their repayments more securely. Linking their bank accounts is set to enable Salad Money customers to make one-click digital loan payments without needing to enter any card details or be asked for a one-time passcode.
The news comes just two months after Salad Money obtained an Open Banking licence from the UK’s Financial Conduct Authority (FCA), with the company being registered as an Account Information Services Provider (AISP). The accreditation enabled Salad Money to directly access applicants’ Open Banking data, with their consent, without needing to rely on a licensed third-party provider. Through this, the company was set to be able to make fair and informed lending decisions, leveraging its proprietary machine learning system for analysis.
Payit by NatWest directly opens a customer’s banking app of choice and enables them to select the appropriate bank account to pay with, in turn completing transactions more securely and efficiently. Also, the solution focuses on minimising the risk of online fraud while allowing businesses to receive funds instantly. With Payit’s Open Banking technology, Salad Money was able to introduce a new capability, namely Pay Ahead, providing customers with more options for how and when they pay, simplifying how they make repayments earlier. The solution is available to all of Salad Money’s customers with a bank account which they can access through online banking or a mobile banking app.
Furthermore, commenting on the news, representatives from Salad Money underlined that the roll-out of Payit is set to equip customers with scaled flexibility, immediacy, security, and convenience to make payments leveraging a bank transfer at a time suitable for them. The company mentioned its commitment to optimising how its customers make payments and intends to meet their demands, preferences, and needs.
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