NatWest Payit™ created by Pollinate has won the Celent Model Bank 2020 Award for Innovation Frontier. The Celent Model Bank Innovation Frontier Award recognises a financial institution’s commitment to innovation and willingness to invest and experiment with leading edge technologies.
Pollinate created NatWest Payit™ to help merchants collect and settle e-commerce payments in close to real time. It does this by enabling frictionless payments directly from customer bank accounts helping to improve cash flow, reduce the cost of online payments, and increase conversion at the checkout.
A full list of winners can be found here: Celent Model Bank 2020 Winners
“Open Banking is part of a long-term trend in driving down payment processing costs for merchants and increasing convenience for consumers. NatWest Payit™ removes the friction points that get in the way of a successful outcome for both the merchant and its customer – whether that is mis-entering data at the checkout, or high payment card fees on low-margin items.”Jonathan Hughes, Co-founder, President and COO of Pollinate
Like the major retailers, when many SME’s merchants are suffering from reduced trade due to the COVID-19 pandemic it is more important than ever to have smart, easy-to-use payment technology in place to optimise sales. NatWest Payit™ leverages the UK’s Open Banking infrastructure and is one of the first to do so in payments (PISP), rather than as an information aggregator (AISP).
NatWest Payit™ is a simple and secure solution that is being rolled out commercially in 2020, following a pilot with Carphone Warehouse in 2019 and a subsequent trial with the MS Society, which saw a significant increase in donations.
Open Banking legislation and the technology innovation it enables is, and will continue to be, a huge part of the way the retail banking system develops. Open Banking applications will no doubt be a ubiquitous feature of merchant websites in the near future and likely even sooner than we originally thought. We are seeing evidence that the current crisis is acting as a catalyst for innovation as businesses of all sizes quickly look to rethink how they interact with customers and optimise outcomes using technology.”Fiona Roach Canning, Co-founder, Chief Product and Marketing Officer of Pollinate
NatWest Payit™ was first recognised in 2019 following early trials winning ‘Best Open Banking Initiative’ at the Financial Innovation Awards.