NatWest: Instant Payment Solutions with Prommt

Businesses are set to see faster, seamless transactions from a collaboration between Payit and Prommt.

Using open banking technology, Payit offers UK-based businesses the option to send or receive money instantaneously, without entering card or bank details. 

The end-to-end solution attracts high-value transactions as it offers no card schemes or interchange fees. 

Prommt acts as a smart orchestration layer between Payit and Tyl, NatWest’s card payment solution. 

Dependent on the value of the transaction, merchants now have the option to set transaction rules that choose either Payit or Tyl. 

The dynamic nature of the process offers an intelligent approach to reducing business costs while streamlining operations. 

Real-time notifications are also delivered by Prommt to all parties involved in the transaction. CCO of Prommt,  Adam Ball, says: 

“Open banking is transforming payments in the UK, and this partnership with Payit by NatWest delivers significant business impact.” 

 “This combined solution gives businesses control, visibility, and flexibility over their payment flows – while making it effortless for customers to pay.”

Merchant payment reference data can be attached to inbound Bank Payment, enabling more efficient reconciliation and fulfillment. 

The partnership continues to drive innovation for UK-based businesses. James Hodgson, CEO of Payit by NatWest, comments:

 “Our partnership with Prommt combines the strength of open banking with Prommt’s platform to give merchants more control, more efficiency, and a better customer experience. 

“It’s a powerful solution for businesses looking to modernise their payment journeys.”

Sector impact 

Payit and Prommt’s partnership has already proven successful in the UK automotive industry. A leading UK automotive dealership group, not named by the company, has already seen success by streamlining processes with the Payit/Prommt service. 

The dealership group has implemented the service to manage payments across car sales, service and parts. 

Now available across the dealership group’s 22 locations is the “drive away today” service, facilitated by the instant confirmation of funds thanks to Payit powered by Prommt. 

Natwest’s UK growth

In addition to the payment partnership, Natwest has recently paired with OpenAI as part of its bank-wide simplification strategy. 

The inclusion of generative artificial intelligence (Gen AI) for handling customer queries, also automating the customer feedback process, comes as part of the company’s goal to increase efficiency and productivity. 

Elsewhere, Natwest has announced a five-year partnership with AWS and Accenture to completely remodel how it serves its 20 million-strong customer base.

CEO of NatWest Group Paul Thwaite said at the time: "Our industry — and the expectations of our customers — are changing rapidly and we are building our capabilities in order to understand and serve their needs better and faster than ever before."

AI will be used to support customer relationship management by providing insights into preferences and customer behaviour tailored to the individual.

Another pillar for change in the plan includes unifying complex data streams, eliminating operational intricacies and frustrating technological hoops. 

The final part of Natwest’s five-year partnership involves focusing on risk oversight and supercharging its balance sheet management.

 The plan is underpinned by a key driving force: the need for top-quality data.