Teneo partners NatWest for A2A open banking payment solution Payit
NatWest’s open banking payments solution Payit has partnered with financial advisory firm Teneo to accelerate the digital transformation of its payments.
Teneo will leverage account-to-account (A2A) solution Payit, which now utilises Confirmation of Payee to speed up payments, in order to pay dividends to employees and creditors affected by insolvent firms.
Thanks to Payit, Teneo will be able to pay those affected by insolvent businesses “almost instantly”, which do not always have the relevant bank details readily available, replacing the existing manual process which required individuals to vouch for their bank account details before a payment was made.
Mike Elliff, CEO of Payit and Tyl by NatWest, says: “Payit’s Sending Payments allows those affected within insolvent companies to receive money through an account-to-account payment. We are now evolving Payit to meet more use cases, with the addition of Confirmation of Payee (CoP).
“Without CoP, name checks would usually be done manually and result in a time-consuming labourious process that is open to error.”
Payit can be accessed through NatWest’s existing Bankline channel for ease of administration, requires no integration and charges a flat fee per transaction for every payment sent.
Additionally, its API can be used for higher volume transactions, allowing customers to decide how the claim link is delivered to their customers.
Daniel Butters, CEO of Teneo Financial Advisory UK, says Payit means the firm is able to make “faster and more secure payments to streamline our creditor distribution processes and revolutionise our industry’s payment solutions in the most time efficient manner”.