Salad Money streamlines payments with Payit integration

Payit, a payment solution by NatWest, has been integrated into the Salad Money platform, offering a streamlined method for their customers to make loan repayments online.

The rollout of Payit allows Salad Money customers to use open banking technology for making loan payments, eliminating the need for card details and One Time Passcodes. This offers a digital alternative for financial transactions, enhancing the ease and speed of payment processing.

Salad Money's implementation of Payit provides its clientele with a more straightforward loan repayment process. Clients can now utilise Payit's digital solution to connect their bank account directly for payments without needing to input lengthy card information, significantly reducing transaction friction. This system also supports their new Pay Ahead feature, enabling users to make payments ahead of schedule.

Through Strong Customer Authentication, the Payit system ensures that the account details shared are active and accessible, mitigating the risk of errors during manual entries. This feature is available to all customers who have access to online banking or a mobile banking application.

James Hodgson, CEO of Payit by NatWest, stated, "We are delighted to be helping Salad Money better serve their customer needs by leveraging the benefits of open banking through Payit." He highlighted NatWest's role in providing a comprehensive offering, saying, "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."

Hodgson further commented on the ease of integration, "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, expressed confidence in the new payment method, stating, "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."

He added, "Salad customers told us that they want the convenience of making their regular payment 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."

Payit by NatWest extends several benefits to businesses, such as rapid transaction processing. It opens the customer's banking app of choice, facilitating quick fund transfers directly to businesses. Furthermore, it simplifies payments by not requiring firms to store customer card information, thereby reducing the possibility of online fraud.

Businesses also stand to benefit from improved cash flow management since they can access funds instantly and enjoy potentially lower transaction costs compared to traditional card payments methods.