Teneo Financial Advisory Partner With Payit By Natwest To Accelerate Digital Transformation Of Payments
PayitTM, NatWest’s multi award-winning open banking payments solution, has partnered with Teneo to accelerate the digital transformation of its payments. Teneo is the first customer to use Payit by NatWest’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 needed a solution to provide quick payments, often in situations where records of bank details are not readily available. The existing process was manual and required individuals to prove their bank account details before a payment was made, elongating the time taken for funds to be paid.
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 streamlined payment journey provides individuals with greater control, efficiency, and security, by leveraging the latest in payments technology.
And people can’t afford to wait for payment delays, with 64% of Brits running out of money before payday. Payit developed its Payouts proposition to incorporate CoP allowing Teneo to utilise open banking innovation and benefit from a digital, secure, and significantly reduced payment timeframes. Payit is the first provider to offer open banking payments with CoP.
Payit can be accessed through NatWest’s existing Bankline channel for ease of administration. Additionally, its API can be used for higher volume transactions, allowing customers to decide how the claim link is delivered to their customers.
Mike Elliff, CEO of Payit and Tyl by NatWest, comments, “Payit’s Sending Payments allows those affected within insolvent companies to receive money through an account-to-account payment. This enables Teneo to provide pay-outs to insolvency creditors fast and securely – removing historic needs for cheques or the worry of capturing bank account details. We are now evolving Payit to meet more uses cases, with the addition of Confirmation of Payee (CoP).
Elliff continues, “CoP is a great example of listening to customer pain points and providing a solution which resolves these. Without CoP, these name checks would usually be done manually and result in a time-consuming laboursome process that is open to error. Now through the use of Payit, customers can do these automatically. This additional service will be provided free of charge to Payit customers – with a flat fee charge per transaction for every payment sent.”
Daniel Butters, CEO of Teneo Financial Advisory UK, “Our partnership with Payit strengthens Teneo’s purpose to do great things for a better future by ensuring that those affected by company insolvencies are at the heart of our interests.
This new, innovative and cost-effective solution removes the need to manually issue cheques or collect and verify creditor bank details. This means we are able to make faster and more secure payments to streamline our creditor distribution processes and revolutionise our industry’s payment solutions in the most time efficient manner.”
We look forward to working with Natwest for many years to come.
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