Investment platform, interactive investor has improved the way its customers can make payments or deposit funds online as it partners with UK bank, NatWest.
The partnership will see interactive investor utilise Payit by NatWest, its open banking payments solution, to enable customers to invest as soon as they deposit funds onto the platform. The solution will be added to the ever-growing list of ways customers can manage their investments in a safe and simple way.
interactive investor users can link their bank account and enjoy one-click digital payments into their ISA, GIA or SIPP with reduced friction caused by the need for a card and one-time passcodes.
The use of strong customer authentication to prove the account is live and accessible and means sharing account information digitally, in real-time also removes the risk of manual error.
The option is available to all ii customers with a bank account with access to online banking or a mobile banking app.
John Dobson, head of investment solutions at interactive investor comments: “We are delighted to be partnering with Payit by NatWest and welcome its launch on our platform. At interactive investor, we’re constantly innovating and developing solutions to ensure our investors have a smooth journey on our platform, and Payit is a fantastic addition here. It’s a straightforward, efficient, and secure service – one that will make life easier for many of our customers.”
Further benefits
Additional benefits for businesses and customers include improving speed and cash flow management. Payit directly opens the customer’s banking app of choice and allows them to select the appropriate bank account to pay with. Transactions are completed quickly and securely and businesses receive funds immediately.
Furthermore, as there is no need for card details to be stored by a third party, the risk of online fraud is minimised, allowing both the business and customer peace of mind. In terms of cash flow management, the open banking solution also grants users instant accessibility to their funds, which is extremely helpful when it comes to reducing transaction costs for businesses.
James Hodgson, CEO of Payit by NatWest comments: “We are delighted to be helping interactive investor leverage the benefits of open banking through Payit to streamline and simplify the online experience for their investors. Payit’s safe and secure platform provides a flexible and seamless way for people to make payments directly from their bank accounts and it’s possible with minimal IT integration or disruption.
“Timing can be an important factor when making investments, so moving funds immediately in real time will improve the experience for many ii customers.”
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