Energy provider Utilita now offers Payit by NatWest as an in-app service for its customers
Utilita Energy, a UK-based pay-as-you-go energy supplier, and pub operator JD Wetherspoon have integrated Payit by NatWest's Open Banking payment solution into their respective platforms. This move aims to provide faster, more secure, and cost-efficient payment processing for both businesses and their customers.
Payit's Open Banking technology enables customers to instantly add funds to their smart meter or wallet through the 'My Utilita' app or JD Wetherspoon's app. The platform offers a flexible and seamless way for customers to make secure payments directly from their bank accounts, bypassing the need to enter card details.
This innovation brings several benefits to the table. For instance, faster settlements allow for improved operational efficiency and cash flow management. The enhanced security of Open Banking payments reduces fraud risk compared to traditional card payments, as payments are authorized directly through customers’ bank accounts.
Moreover, by bypassing card schemes, businesses like Utilita Energy and JD Wetherspoon avoid associated fees, leading to cost savings. The added security of Open Banking technology significantly reduces the risk of sensitive information being compromised.
James Hodgson, CEO of Payit by NatWest, is leading the implementation of Open Banking payments for Utilita Energy to streamline and simplify transactions. The introduction of Payit was announced by James Hodgson last year.
In July last year, UK pub operator JD Wetherspoon integrated Payit into its app, allowing customers to pay for food and drink using Open Banking technology. This new payment method is beneficial for more than 800,000 UK households that use Utilita's services, as it improves energy payment management.
Payit directly opens the customer's banking app of choice and allows them to select the appropriate bank account to pay. By doing so, it removes the need for customers to store their sensitive information with a third party, ensuring a higher level of security.
The adoption of Payit by NatWest's Open Banking solution aligns with the broader trend in UK businesses adopting Open Banking payments to harness faster and more transparent financial transactions. This move is expected to help companies like Utilita Energy and JD Wetherspoon optimize their payment operations and support growth in a competitive market.
For further reading on this topic, an article featuring Lynsey Hunt discussing continuous learning and role models is available. The article highlights the value that Payit by NatWest brings to diverse UK businesses seeking faster, more secure, and cost-effective payment methods.
- The Open Banking technology offered by Payit by NatWest, integrated by Utilita Energy and JD Wetherspoon, allows for more secure payments by authorizing transactions directly through customers’ bank accounts, reducing the risk of fraud compared to traditional card payments.
- The adoption of Payit by NatWest's Open Banking solution provides businesses with an opportunity to optimize their payment operations, supporting growth in a competitive market, as seen with Utilita Energy and JD Wetherspoon.
- By using Payit's Open Banking technology, customers can directly open their banking app of choice and select the appropriate bank account to pay, eliminating the need to store sensitive information with a third party for increased security.
- The implementation of Payit by NatWest's Open Banking solution for Utilita Energy's payment processing aims to streamline and simplify transactions, enhancing operational efficiency and cash flow management for both businesses and their customers.
