NatWest Partners links up with Prommt through PayitTM collaboration
The UK automotive sector and beyond are witnessing a significant leap in payment innovation, thanks to the partnership between Prommt and PayitTM, an award-winning Open Banking solution for instant payments by NatWest. This collaboration combines open banking and card payment technologies into a seamless, flexible, and secure payment solution.
This future-ready solution, designed for forward-thinking merchants in automotive, hospitality, retail, and beyond, offers a familiar digital journey via customers' banking apps. The partnership aims to revolutionize how businesses collect payments, making the process faster, more secure, and more cost-effective.
Automotive businesses are particularly benefiting from this partnership. With PayitTM, they can now offer their customers a seamless digital alternative to manual bank transfers. This not only enhances customer satisfaction but also improves operational efficiency and fraud prevention. The partnership allows dealers to offer a "drive away today" service, a feature that is beneficial for the automotive sector.
The partnership makes it possible for businesses to receive instant, secure payments directly from customers' bank accounts, providing immediate confirmation of funds. This feature is instrumental in the automotive sector, where speed and certainty are crucial.
Prommt, in partnership with PayitTM, is a market leader in orchestrating card and open banking payments for high-value commerce. The partnership significantly reduces fraud, chargebacks, and manual errors, ensuring a smooth and secure transaction for all parties involved.
Real-time notifications confirm payment success, providing businesses and customers with peace of mind. Notably, 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. This feature contributes to the overall streamlining of payment operations, giving businesses enhanced control and flexibility in payment orchestration, which helps optimize cash flow and operational efficiency.
This partnership underscores NatWest's continued leadership in payments innovation. PayitTM from NatWest enables sending and receiving payments without the need for bank or card details, providing immediate payments and instant confirmation of funds.
The partnership between Prommt and PayitTM is already being used by a leading UK automotive dealership group with 22 locations for managing payments across car sales, service, and parts. This adoption underscores the partnership's potential to drive the digital transformation of payments within the UK automotive sector and beyond, enabling more secure, efficient, and customer-friendly payment journeys, and contributing to wider innovation in UK payment systems enabled by open banking technology.
[1] Source: Prommt Press Release, [Link to the press release] [4] Source: PayitTM by NatWest, [Link to the PayitTM by NatWest website]
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