Salad Money, an online loan provider, is rolling out Payit, the open banking payments solution by NatWest, to enable its customers to make loan repayments more easily.
Through Payit by NatWest, Salad Money customer can now link their bank account to access one-click digital loan payments with less friction – thanks to a reduced need for a card and one-time passcodes. By eliminating the need for card details, typically stored by third parties, NatWest minimises the risk of online fraud.
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.
“By being both 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,” explained James Hodgson, CEO of Payit by NatWest. “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.”
The option is available to all Salad Money customers with a bank account with access to online banking or a mobile banking app.
Improving convenience and security
Payit by NatWest also looks to reduce transaction costs for the business, while offering instant availability of funds to enhance cash flow management. Payit directly opens the customer’s banking app of choice and allows them to select the appropriate bank account to pay with.
Using Payit, Salad Money has also designed and is launching a new feature, dubbed ‘Pay Ahead’, which offers customers more options in how and when to pay.
Emmett Smith, chief risk officer at Salad Money, added: “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 few clicks. That’s my payment done for another month.”
