True Potential launches Payit by NatWest for real-time payments
Source: NatWest Group
True Potential has rolled out NatWest’s multi award-winning payments and data solution Payit, further enhancing True Potential’s impulseSave offering.
impulseSave is True Potential’s award-winning, first-of-its-kind technology that helps clients add money to their accounts in an instant. And with Payit, clients will now have an additional way to deposit funds swiftly and securely, either by app or online, allowing for real-time transfers to then fund accounts.
The capability allows clients to link to multiple nominated bank accounts as an additional payment method, via Open Banking. That facilitates seamless and more secure payments into their ISA (Individual Savings Account), GIA (General Investment Account) or personal pension – removing frictions, including the time-consuming need for entering card details, and restricting payment from any third-party accounts to help prevent fraud.
Additional benefits include:
- Speed: Payit directly opens the client’s banking app of choice and allows them to select the appropriate bank account to pay with. Transactions are completed quickly and securely, with funds sent immediately.
- Simple and secure: As there is no need for card details to be stored by a third party, the risk of online fraud is minimised, allowing both the business and customer peace of mind.
- Cash flow management: Instant availability of funds is essential for businesses managing cash flow.
- Reduced transaction costs for the business.
The proposition will be available to all True Potential clients with access to participating banks’ online banking or a mobile banking app.
Ritu Sehgal, head of transaction services and trade at NatWest, said: “We are delighted to work with True Potential as they leverage the benefits of Open Banking through Payit to improve a client’s payment journey. Our secure platform offers a flexible and seamless way for clients to make payments directly from their bank accounts with minimal IT integration or disruption. Real-time transfers significantly enhance the investment experience for many clients.”
Richard Taylor, head of operations for the True Potential Platform, said: “Partnering with NatWest to bring Payit to True Potential platform clients is another positive step we’re taking to help more people do more with their money. Building on our long-standing proprietary impulseSave technology, integrating with Payit makes the process of adding to investments from £1 even faster and more secure for clients.”
Payit’s use of Strong Customer Authentication proves the account is live and accessible, while sharing account information removes the risk of manual error.
As Open Banking is underpinned by an immediate faster payment from the clients directly into a dedicated client monies account ensures that Payit merchants are compliant with Client Assets Sourcebook (CASS) regulations through immediate receipt of funds and appropriate reconciliation.
Recent collaborations with interactive investor (ii) and Parmenion strengthen Payit’s role as a key Open Banking provider in the wealth sector.
Further reading: NatWest Boxed: Embedded finance powering growth at major UK brands