Prommt has entered into a partnership with Payit by NatWest to enhance open banking payment capabilities for corporate clients and merchants in the UK.
The integration of Payit and Prommt enables businesses to provide customers with an alternative to manual bank transfers, offering the choice to pay by card or directly from their bank account. The payment journey is designed to be seamless, merchant-branded, and optimised for conversion.
Payit by NatWest is an open banking solution that lets businesses receive instant payments directly from customer bank accounts without the need to exchange account numbers or sort codes. As no card schemes or interchange fees are involved, this approach has particular benefits for high-value transactions.
One of the key features of Payit is immediate confirmation when payments have been received. Prommt delivers real-time notifications to all involved parties, confirming successful payments. Merchants can also include their payment reference data with each bank payment, simplifying payment reconciliation and enabling swifter fulfilment.
Smart orchestration
Prommt works as a smart orchestration layer for payments, allowing merchants to set rules that decide whether Payit (Pay By Bank) or Tyl by NatWest (for card payments) is presented to a customer based on the value of the transaction. This is the first time these two solutions have been combined, offering a more intelligent approach for businesses to provide a smooth payment experience, reduce costs and streamline their operations.
The joint solution offers a suite of features, such as a web portal to send branded payment requests via SMS, email, or web link. The portal supports scheduled sends, group sends, recurring payments, autocharge, and more. There is also an API for integration into eCommerce websites, mobile apps, and ERP systems. Payments follow a familiar path for customers via their own banking apps, and enhanced security is provided through bank-authenticated processes and confirmation of payee. The system is intended to significantly cut fraud, chargebacks, and manual errors.
Application in the automotive sector
The platform has already seen take-up in the automotive sector, with a prominent UK dealership group deploying Payit with Prommt across 22 locations to manage payments for car sales, servicing, and parts. With instant payment confirmation, the dealership group has introduced a "drive away today" offering, aiming to boost customer satisfaction, operational efficiency and reduce exposure to fraud.
Quotes from Prommt and Payit
"Open banking is transforming payments in the UK, and this partnership with Payit by NatWest delivers significant business impact. This combined solution gives businesses control, visibility, and flexibility over their payment flows - while making it effortless for customers to pay," said Adam Ball, CCO of Prommt.
"Our partnership with Prommt combines the strength of open banking with Prommt's platform to give merchants more control, more efficiency, and a better customer experience. It's a powerful solution for businesses looking to modernise their payment journeys."
Payit, enabled by open banking, allows businesses and customers to make and receive payments without sharing or storing card details. The technology's wider adoption is viewed by both companies as a step forward in offering secure, immediate and more cost-effective payments in sectors including automotive, hospitality, and retail.
