Pollinate has created NatWest Payit™- an award-winning Open Banking solution 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 by at least 25 per cent, and increase conversion at the checkout.
NatWest Payit™ is a simple and secure solution that will be rolled out commercially in early 2020, following a pilot with Carphone Warehouse in 2019 and a subsequent trial with the MS Society, which has seen a significant increase in donations. The technology has already been recognised, with NatWest Payit™ winning the award for ‘Best Open Banking Initiative’ at the Financial Innovation Awards 2019.
An evolution in Open Banking
NatWest Payit™ builds on the industry’s Open Banking technology and is one of the first to do so in payments (PISP), rather than as an information aggregator (AISP). Jonathan Hughes, co-founder and President of Pollinate, says:
From pilot to a market-ready product
When NatWest ran the pilot with Carphone Warehouse last year, they placed the Payit™ button alongside the existing payment methods and monitored usage. The pilot was a huge success, with a high percentage of customers choosing to process their payment using the Payit™ option.
The next step for NatWest was to partner with Pollinate to develop a market-ready and commercially viable product that was simple and cost-effective. According to Jonathan, the success of the pilot can be attributed to the fact that consumers demand simplicity of user experience: “Consumers expect a simple payment journey. They need to open an app and click a couple of buttons, avoiding the need to enter long card details every time.”
Pollinate partnered with Endava to create Payit™ for NatWest. “Endava and Pollinate work very successfully together to create innovative payments platforms – we share a common ethos and approach to problem-solving. The biggest challenge was creating an intuitive and simple payments experience for customers, while also working around the slightly different ways that all the UK banks have implemented their Open Banking APIs.”Jonathan Hughes
A global opportunity
While Payit™ is targeted to the UK, and is an exclusively NatWest product, there is an opportunity for this use of Open Banking technology to be replicated across other key markets, such as Australia or Canada.