Salad Money adopts NatWest’s Payit™ for seamless loan repayments

By Gloria Methri

Online loan provider Salad Money has rolled out NatWest’s open banking payments solution, Payit™, to enable its customers to make loan repayments online through its portal.

Powered by open banking technology through payment initiation, Payit™ by NatWest provides customers with an additional digital payment method for managing their loan payments safely.

This means that Salad Money customers can link their bank accounts and enjoy one-click digital loan payments with reduced friction caused by the need for a card and one-time passcodes. This has also allowed them to launch their new feature Pay Ahead, giving their customers more options in how and when to pay.

The use of Strong Customer Authentication to prove the account is live and accessible and means sharing account information digitally, in real-time, also removes the risk of manual error. The option is available to all Salad Money customers with a bank account with access to online banking or a mobile banking app.

James Hodgson, CEO of Payit™ by NatWest, said, “We are delighted to be helping Salad Money better serve their customer needs by leveraging the benefits of open banking through Payit. By being both a provider for traditional banking services and payment initiation through the open banking platform, NatWest is able to offer a holistic solution with clear and transparent pricing as well as quick answers to any questions from the customer regarding a transaction.”

“Payit™’s safe and secure platform provides a flexible and seamless way for people to make payments directly from their bank accounts, and it’s possible with minimal IT integration or disruption.”

Emmett Smith Chief Risk Officer at Salad Money, said, “The launch of Payit will provide Salad customers with more flexibility, immediacy, security, and convenience to make payments using a simple bank transfer at a time to suit them.  No more 16-digit card numbers. Salad customers told us that they want the convenience of making their regular payments early.  Using Payit, we have designed a new feature, Pay Ahead, which enables them to do so within the space of a few clicks.  That’s my payment done for another month.”