Vanquis Bank launches Payit for Open Banking

Credit card provider Vanquis Bank has launched NatWest’s Open Banking solution Payit within its mobile app.

The Provident Financial subsiduary is rolling out Payit technology to let its customers make instant payments to their account without the need to use a debit card.

The technology, which relies upon Application Programming Interfaces (APIs) to connect accounts, will mean customers can make a payment to their account from any major UK bank.

Vanquis Bank said the solution will reduce the normal two to three business day delay for funds to show in an account balance, as is normally the case with debit card payments.

The move is part of a wider partnership with NatWest to provide innovative technology to its customers.

Payit’s technology was developed in partnership with Pollinate, built by Endava.

Paul Thwaite, chief executive of commercial banking at NatWest, said: “Payit provides businesses and customers with an effortless, safe payment experience, and we are delighted to work with Vanquis Bank to introduce this innovative new option for its customers.

"Following launch last month, we are now scaling Payit up at pace with our customers and look forward to welcoming further new businesses in the coming weeks.”

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