Open Banking Payments Solution Payit Enters Partnership with Teneo

NatWest's Open Banking payments solution Payit has teamed up with Teneo to accelerate the digital transformation of its payments.

Teneo will be one of the first customers to use Payit's new functionality which incorporates Confirmation of Payee (CoP).

As a financial advisory firm that pays dividends to employees and creditors affected by insolvent businesses, Teneo sought a solution that provided quick payments. But it also needed to be capable of this when bank details are not readily available.

The additional functionality through Payit requires no integration work to use and is free of charge. It will enable Teneo to pay those affected by insolvent businesses almost instantly whilst ensuring payments can only be made into the recipients' bank account, eliminating the current need for manual verification on an individual's bank account. The payment journey provides individuals with greater control, efficiency, and security, by leveraging the latest in payments technology.

(Source: The Paypers)