Payit, NatWest’s open banking-powered payment service, has partnered with Vanquis Bank … [ – ] a subsidiary of British sub-prime lender, Provident Financial Group. It focuses on helping consumers build up their credit.
Its partnership with Payit will see Vanquis users able to initiate payments via their banking app without using a debit card.
For Vanquis users, this new payment integration means an end to pending payments. It also means users will always know exactly how much credit is available to them.
[NatWest:] “Following launch [in July], we are now scaling Payit up at pace with our customers and look forward to welcoming further new businesses in the coming weeks.”
Payit was designed to make ecommerce payments easier. Its ability to jump the debit card step in a transaction raises important questions… Namely, how are the likes of Visa and Mastercard going to stay relevant in an open banking-powered bank-to-bank payment process?