Payit by NatWest has partnered with Prommt, a pay-by-link platform for remote payments.
Payit is an Open Banking solution that allows users to send and receive payments instantly with no need for bank or credit details. The collaboration aims to transform how businesses collect payments, making the process faster and more secure, as well as cost-effective.
Modernising payment journeys
Through the integration, corporate clients and merchants have the opportunity to offer an improved digital alternative to manual bank transfers, including paying by card or bank in an intuitive, merchant-branded way, which can increase conversion rates. Payiy enables users to receive instant payments securely from customers’ bank accounts with no need to share codes, details, or account numbers. With no card schemes or interchange fees, this solution is attractive for high-value transactions.
Payit also offers instant confirmation of funds, while Prommt provides real-time notifications to all parties involved to confirm the success of the transaction. The merchant’s payment reference data can be attached to the inbound bank payment, making it much easier to reconcile and enable quick fulfilment.
Prommt is the smart orchestration layer that enables merchants to set transaction rules that present Payit or Tyl by NatWest, meaning it supports both pay by bank and card payments, based on transaction value. By combining these solutions, the companies offer an intelligent way to ensure a simple payment journey for customers, while helping businesses reduce costs and improve productivity.
The joint solution also offers a web portal for sending branded payment requests via SMS, email, or link, designed with additional features like scheduled send, group send, recurring payments, autocharge and more. Additionally, the solution is available via the Prommt API for easy integration into web checkouts, mobile apps, and ERP systems, offering a familiar digital experience via customers’ banking apps. Additional benefits include improved security with bank-authenticated payments and confirmation of payee, and a significant reduction in fraud, manual errors, and chargebacks.
