NatWest has expanded its open banking payment solution, Payit, through a new partnership with the Irish platform Prommt. This collaboration enables UK businesses to send and receive payments almost instantly using the Faster Payments network, without requiring customers to enter card or bank details. The new service aims to reduce card processing fees and improve reconciliation for merchants seeking faster, more efficient payment options. (Source)
Key Details of the Payit/Prommt Partnership
- Instant payments: Payit leverages open banking to facilitate real-time transfers for UK-based businesses, both inbound and outbound, with no need for card or manual bank details.
- Reduced costs: By bypassing card scheme fees and interchange charges, especially for high-value transactions, merchants can lower overheads.
- Smart orchestration: Prommt acts as an orchestration layer between Payit and Tyl (NatWest’s card solution), automatically choosing the optimal payment route based on transaction rules set by the merchant.
- Notifications and reconciliation: All transaction parties receive real-time updates, and merchants can attach payment reference data to streamline reconciliation and fulfillment.
The combined solution has already been deployed by a large UK automotive dealership group across its 22 locations, enabling new services such as “drive away today” through instant fund confirmation. According to the companies, “Open banking is transforming payments in the UK, and this partnership with Payit by NatWest delivers significant business impact.” Prommt added, “This combined solution gives businesses control, visibility, and flexibility over their payment flows – while making it effortless for customers to pay.”
Beyond payments, NatWest has announced broader digital transformation plans. The bank is partnering with OpenAI to automate customer queries and feedback processes using generative AI. Additionally, a five-year strategic agreement with AWS and Accenture aims to modernise operations for its 20 million customers by unifying data streams, simplifying operations, and focusing on risk management and personalisation. In the words of NatWest, “Our industry — and the expectations of our customers — are changing rapidly and we are building our capabilities in order to understand and serve their needs better and faster than ever before.”
| Feature | Benefit | Relevant Link |
|---|---|---|
| Open Banking Payments | Instant, cardless transfers | Trustly in the UK |
| Payment Choice | Route by value/rules (Payit/Tyl) | Apple Pay Withdrawals |
| Reconciliation Tools | Reference data attached to payments | Common Withdrawal Issues |
For casino players and businesses prioritising fast, reliable payouts, such innovations indicate a broader move toward instant, secure payment infrastructures in the UK. For further reading on fast withdrawals and payment methods, see these resources:
