NatWest Partners links up with Prommt through PayitTM collaboration
In the ever-evolving world of digital payments, the partnership between Prommt and PayitTM by NatWest is set to redefine the way businesses collect payments. This innovative collaboration combines the strengths of two leading platforms, promising faster, more secure, and cost-effective payment solutions.
What is the Integration Between Prommt and PayitTM by NatWest?
Prommt, a premier digital payment platform, and PayitTM by NatWest, a groundbreaking Open Banking solution for instant, card-less payments, have joined forces to simplify and streamline the payment collection process for businesses.
Prommt empowers businesses to send digital payment requests with ease. On the other hand, PayitTM enables customers to make quick, secure, and convenient payments via links sent to them. The integration of these two platforms allows businesses to generate and send payment requests that include a PayitTM link, enabling customers to pay instantly online without the need for bank details or manual transaction processes.
Benefits for Businesses in Terms of Payment Collection
The benefits of this integration are manifold:
- Faster Payment Collection: Customers receive a seamless payment link and can pay immediately, reducing delays associated with traditional invoicing and payment methods.
- Improved Cash Flow: Quicker payments mean businesses have better control over cash flow.
- Reduced Administrative Burden: Automating payment requests and processing cuts down on manual chasing and reconciliation efforts.
- Enhanced Customer Experience: The payment process is straightforward and secure, increasing the likelihood of on-time payments and customer satisfaction.
- Secure Transactions: Payments handled through PayitTM are encrypted and comply with banking security standards, giving both businesses and customers peace of mind.
- Versatility: Suitable for various business types and payment needs, whether for invoices, refunds, or ad hoc payments.
Additional Features and Benefits
- The joint solution significantly reduces fraud, chargebacks, and manual errors.
- There are no card schemes or interchange fees with PayitTM, making it particularly attractive for high-value transactions.
- The merchant's payment reference data can be attached to the inbound Bank Payment, making reconciliation and quick fulfillment easier.
- PayitTM enables immediate payments and instant confirmation of funds.
- The combined solution is available via the Prommt API for easy integration into web checkouts, mobile apps, and ERP systems.
Real-World Impact
The partnership has already begun to make a significant impact, with a leading UK dealership group with 22 locations adopting PayitTM powered by Prommt to manage payments across car sales, service, and parts. This partnership offers a "drive away today" service and improves operational efficiency and fraud prevention.
A Future-Ready Solution
As open banking adoption continues to accelerate, PayitTM powered by Prommt represents a future-ready solution for forward-thinking merchants in automotive, hospitality, retail, and beyond.
James Hodgson, CEO of PayitTM by NatWest, commented that the partnership combines the strength of open banking with Prommt's platform to give merchants more control, more efficiency, and a better customer experience. The partnership allows customers to make payments via their banking apps, enhancing security with bank-authenticated payments and confirmation of payee.
This partnership underscores NatWest's continued leadership in payments innovation and Prommt's role as a market leader in orchestrating card and open banking payments for high-value commerce. The partnership aims to revolutionize business payment collection, making it faster, more secure, and cost-effective.
Corporate clients and merchants can now offer customers a seamless digital alternative to manual bank transfers. The partnership between Prommt and PayitTM by NatWest offers a web portal for sending branded payment requests via SMS, email, or link, featuring scheduled send, group send, recurring payments, and autocharge.
Prommt acts as a smart orchestration layer, dynamically presenting PayitTM (Pay By Bank) or Tyl by NatWest (card payment) based on the transaction value. This is the first time these two solutions have been combined.
- Partnering with ffnews.com, businesses can now leverage the integration between Prommt and PayitTM by NatWest to send payment requests that include a PayitTM link, allowing customers to pay instantly online, thus reducing administrative burdens and improving the customer experience.
- Beyond simplifying and streamlining payment collection, this collaboration between Prommt and PayitTM by NatWest offers a future-ready solution for businesses in various industries, providing faster, secure, and cost-effective payment solutions, as well as enhancing security with bank-authenticated payments.
