Payit
Payit is NatWest Group's Open Banking payments platform, launched in 2020, enabling UK businesses with £2M+ turnover to collect and send account-to-account payments in near real time without card or bank details via the Faster Payments Service.
- Company typePrivate
- Founded2020
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Payit does
Payit is a UK-based Open Banking payments platform operated as a trading name of National Westminster Bank Plc (part of NatWest Group), launched in 2020 and headquartered at 250 Bishopsgate, London. It enables businesses to collect and send account-to-account payments in near real time via the Faster Payments Service without requiring card or bank account details, using Open Banking APIs. The platform comprises four core products — Collecting Payments, Sending Payments, Recurring Payments (including Variable Recurring Payments, VRPs), and Account Information Service (AIS), augmented by Reusable Links, Confirmation of Payee, Pay by Bank, and a Premium AIS tier for the utilities sector. NatWest became the first UK bank to launch commercial VRPs in October 2022, and Payit is positioned as NatWest Group's Open Banking payments business, leveraging NatWest's bank-level regulatory standing (PRA/FCA authorisation) and its 19 million-customer distribution base.
Payit firmographics
Firmographics- Name
- Payit
- Legal name
- National Westminster Bank Plc
- Website
- https://payitbynatwest.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Payit is NatWest Group's Open Banking payments platform, launched in 2020, enabling UK businesses with £2M+ turnover to collect and send account-to-account payments in near real time without card or bank details via the Faster Payments Service.
- Ownership category
- akta.pro rank
Payit industry classification
Industry- Product category
- Open Banking Payment Platform
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Activities Related to Credit Intermediation (5223)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant) (FSAMAFAC)
- akta.pro secondary industries
- A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Request-to-Pay (R2P) & Pay Links (FSAMAFAE), Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN), Instant Payouts & Earned Wage Access (EWA) (FSAMAKAM)
Keywords
Where Payit is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Payit business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Transaction-based fees: Fees charged to businesses based on the volume and average value of transactions processed through the platform
- Fixed per-transaction pricing: Fixed cost basis per transaction for certain use cases, offering cost predictability compared to percentage-based card processing fees
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Transaction-based pricing for businesses with £2M+ turnover |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels5 records
Payit product offering
Product offeringCore offering
Payit provides Open Banking payment solutions that enable businesses and individuals to collect and send payments directly from bank accounts without cards. The platform offers Pay by Bank functionality, account information services, variable recurring payments, and confirmation of payee capabilities. It is a trading name of National Westminster Bank Plc (NatWest), part of NatWest Group, founded in 2020 and headquartered in London, UK.
Product overview
Payit by NatWest is a multi-product Open Banking payment platform comprising four core services: Collecting Payments, Sending Payments, Recurring Payments, and Account Information Service (AIS). These products work together to enable account-to-account payments without card details, using Open Banking technology. Collecting Payments and Sending Payments form the primary transaction engine, while Recurring Payments and Variable Recurring Payments (VRP) enable flexible automated payment flows. The Account Information Service provides data validation capabilities, with a Premium tier offering enhanced affordability assessment features. Additional capabilities include Reusable Links for multi-payment scenarios, Confirmation of Payee for fraud prevention, and Pay by Bank as the customer-facing payment method. The platform integrates with WooCommerce, Adobe Commerce, and Prommt, and supports both business and personal use cases.
Differentiator
Problem solved
Functional benefit
Products and services
- Collecting Payments
- Sending Payments
- Pay by Bank
- Account Information Service (AIS)
- Variable Recurring Payments (VRP)
- Recurring Payments
- Reusable Links
- Confirmation of Payee
- Premium Account Information Service
- Payit for Personal Use
Quantifiable outcome
- 60% of deposits went through Open Banking technology for Yorkshire Building Society within two months
- +9 more outcomes
Companies that use Payit
Customer profileNamed customers13 records
Segments6 records
Ideal customer profiles2 records
Payit technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature6 records
Payit partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core.
- RewardzcorePayit partnered with Rewardz to launch a customer rewards programme, marking an evolution into a broader digital financial ecosystem. The programme allows Payit users to earn rewards through activities like transfers, payments, and salary transfers, with redemption options across lifestyle and retail categories.
- East Lancashire MoneylinecoreMoneyline partnered with Payit to implement Variable Recurring Payments, enabling borrowers to adjust loan installments based on fluctuating income. Early pilot results show 87% of users report greater flexibility, 84% prefer it to direct debits. Moneyline serves financially vulnerable households with average credit score of 180.
- UtilitacoreUtilita integrated Payit into the My Utilita app, allowing customers to instantly add funds to their smart meter or wallet. Utilita serves 800,000+ households as the UK's leader in smart Pay As You Go energy.
- Interactive InvestorcoreInteractive Investor partnered with Payit to offer a new way for customers to fund their portfolios. Over half a million customers use the platform, with 60% of transactions switching to Payit within two months of launch.
- Yorkshire Building SocietycoreYorkshire Building Society embedded Payit by NatWest into its payment journeys, seeing 60% of deposits go through the Open Banking technology. The mutual organization has been serving members for over 160 years.
- PrommtcorePrommt partnership enables Toomey Motor Group to offer customers a fully branded and secure payment journey with Pay by Bank technology
- NatWest GroupcorePayit is NatWest Group's Open Banking payments business, a trading name of National Westminster Bank Plc. NatWest Group provides the brand trust, regulatory framework, and distribution reach for Payit operations serving over 19 million customers.
Scale indicators12 records
Recent moves6 records
Expansion highlights7 records
Payit competitors and assessment
Company assessmentDirect peers
- TrueLayer: TrueLayer is a UK-founded Open Banking payments and data platform offering account-to-account payment initiation and bank connectivity APIs to merchants. It is directly comparable to Payit on A2A checkout, VRPs, and merchant connectivity, though it is bank-agnostic and operates across multiple markets.
- Tink: Tink (owned by Visa) is a European open banking platform offering payment initiation and account information services. It competes in the same A2A payment rails and bank data connectivity space as Payit, with broader pan-European coverage.
- Token.io: Token.io is a UK and EU-focused open banking payments network offering pay-by-bank, VRPs, and account-to-account payment initiation. It is a direct competitor in the same A2A checkout and recurring payment category that Payit targets.
- Volt: Volt is an open banking payments platform specializing in real-time A2A payments across the UK and Europe. It competes directly with Payit's Collecting Payments and Sending Payments capabilities for the same merchant segments.
- Yapily: Yapily provides open banking infrastructure connecting merchants to bank APIs for payments and data across Europe. Like Payit, it enables A2A payments, AIS, and recurring payment flows, but operates as a multi-bank aggregator rather than a single-bank product.
Broad incumbents
- Modulr: Modulr is a UK-based payments-as-a-service provider offering account-to-account payment infrastructure, BACS/Faster Payments integration, and embedded payments for platforms. It overlaps with Payit's payout and payment infrastructure layer for enterprise merchants.
- ClearBank: ClearBank is a UK clearing bank offering real-time payment infrastructure, Faster Payments access, and embedded banking APIs. While focused on banking-as-a-service rather than merchant A2A checkout, it competes for the same underlying payment-rail integrations Payit relies on.
- Plaid: Plaid is a global financial data connectivity and payment initiation platform, dominant in the US and expanding in the UK/EU. While broader in scope (including US ACH and card data), it overlaps with Payit's account information services and A2A payment initiation capabilities.
- Worldpay: Worldpay is a major global payment processor that has begun bundling A2A and open banking capabilities alongside card acquiring. It represents the incumbent payment processor that Payit directly displaces for merchants adopting bank-to-bank payments.
- Lloyds Bank Open Banking: Lloyds Bank offers Open Banking APIs and payment products for UK merchants as part of its broader commercial banking portfolio. Like Payit, it leverages a major UK bank's customer base and rails but competes for the same enterprise Open Banking payment volume.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Payit social profiles
Digital presencePayit financial estimates
Financial estimateRevenue estimate
Valuation estimate
Payit leadership team
Management profileNumber of profiles
Payit funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Payit M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Payit
What does Payit do?
Payit provides Open Banking payment solutions that enable businesses and individuals to collect and send payments directly from bank accounts without cards. The platform offers Pay by Bank functionality, account information services, variable recurring payments, and confirmation of payee capabilities. It is a trading name of National Westminster Bank Plc (NatWest), part of NatWest Group, founded in 2020 and headquartered in London, UK.
Is Payit a public or private company?
Payit is a private company. It is classified as corporate owned and is currently operating.
When was Payit founded?
Payit was founded in 2020. It employs 11 to 50 people.
Where is Payit based?
Payit is headquartered in London, United Kingdom, in the Europe region.
How does Payit make money?
Two revenue lines are on record. Transaction-based fees are the primary driver. The others are fixed per-transaction pricing.
Who are Payit's main competitors?
Direct peers on record are TrueLayer, Tink, Token.io, Volt and Yapily. Broad incumbents are Modulr, ClearBank, Plaid, Worldpay and Lloyds Bank Open Banking.
Does Payit have an API?
Yes. Payit offers an API for integration into business systems, enabling developers to build and test solutions via a sandbox environment. Standard eCommerce integration work and testing takes up to 20 weeks. Payouts can be created within the Bankline proposition through a templated email system or via API integration allowing delivery of claim links through custom methods (email, SMS, app, or website). Account Information Services (AIS) enables real-time bank account linking for one-click payments with funds transfer limits up to £1m. Payments are powered by the Faster Payments Service with settlement guaranteed within 2 hours. Developer documentation is at www.payitbynatwest.com/developers.
What industry is Payit in?
Payit's product category is Open Banking Payment Platform. Its primary akta.pro industry code is FSAMAFAC, Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant), with a secondary code of FSAMAFAF, A2A Checkout & Merchant Acceptance Solutions. Its NAICS code is 52232 and its SIC code is 6199.