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

By Megha Bhattacharya

UK-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.