NatWest's Payit hits £1bn open banking payment processing milestone

NatWest’s open banking payments offering Payit has hit the $1bn processed payments mark in just over two years.

NatWest launched Payit in June 2020 and NatWest says it has now reached the processing milestone figure, which has seen it handle more than 5m payment transactions, with an average value of £200.

Mike Elliff, CEO of Payit, said: "Payit has always been at the forefront of payments technology; built from scratch to meet the demands of the modern business environment, Payit has been leading the industry since its inception in 2020. 

“In just over two years, it’s helped businesses of all sizes send and receive payments, as well as establish itself as an integral part of the online payments ecosystem.

“Speed and cashflow management are critical for everyone – whether you’re a business or a consumer. We are immensely proud to hit this milestone and demonstrate the value that Open Banking technology has on businesses and the public. 

“We know we’re at the forefront of applications of this technology, and cannot wait to see what another two years will bring.”

Payit, which was the first open banking payments solution launched by a UK bank, allows businesses and consumers to send and receive money without the use of card details with savings on the kind of fees that card payments normally include.

The Payit app has been a testing ground for NatWest’s open banking efforts in the past, being the first place that the bank rolled out open banking refunds in early 2021.

Payit is soon to pilot Variable Recurring Payments (VRP) functionality, following NatWeset’s VRP demonstration with TrueLayer in December last year.

NatWest plans to scale up VRPs offering to a a full commercial product by early 2023.