back Back

Vanquis Bank implements NatWest’s open banking payment solution – Payit

By Megha Bhattacharya

August 27, 2020

  • Natwest
  • UK
  • Vanquis Bank
Share

natwestUK-based credit card provider Vanquis Bank today announced the launch of NatWest’s open banking payment solution, Payit, within its mobile app. The integration is expected to allow Vanquis Bank’s customers to make instant payments to their accounts without the use of a debit card.

Nick Gander, Digital Transformation Director at Vanquis, said, “Vanquis is delighted to add Payit to our mobile app, improving the speed and convenience for our customers when making a payment, and a result of our successful partnership with NatWest.”

Vanquis stated that NatWest’s Payit enables it to make a payment to their account from any major UK bank, resulting in an instant update to their available credit. Customers, therefore, won’t need to wait 2-3 business days for their balance and available credit to be updated, as is normally the case with debit card payments.

Paul Thwaite, CEO, Commercial Banking at NatWest, said, “Payit provides businesses and customers with an effortless, safe, and open banking driven payment experience, and we are delighted to work with Vanquis Bank to introduce this innovative new option for its customers. Following the launch last month, we are now scaling Payit up at pace with our customers and look forward to welcoming further new businesses in the coming weeks.”

NatWest, in June, rolled out the new online payment service, Payit by NatWest, today. The service, Payit, uses Open Banking infrastructure to allow UK banks’ customers to pay for services provided by the retailers who use the payment option.

Previous Article

August 27, 2020

FSS and Airpay to bring MSMEs onto a digital payments ecosystem

Read More
Next Article

August 27, 2020

Binance & Oasis Labs partner to launch CryptoSafe Alliance to combat crypto fraud

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

Natwest

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Storfund & Mangopay to ease cash flow for marketplace sellers

Read More

Today

Revolut teams with Jabil to scale development of mobile payment solutions

Read More

Today

Finastra taps Databricks to boost AI capabilities & enhance services

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023