Payit

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.

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

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

• Open banking payments
• Payment processing
• Account information services
• Variable recurring payments
• Bank-to-bank transfers

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction-based fees: Fees charged to businesses based on the volume and average value of transactions processed through the platform
2. 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

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core 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

Named customers13 records

Segments6 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature6 records

Partnerships

Seven partnerships are on record, tiered core.

• RewardzcoreStrategic or Co-development Partner · 19 May 2026Payit 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 MoneylinecoreStrategic or Co-development Partner · 6 May 2026Moneyline 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.
• UtilitacoreTechnology or Integration · 25 June 2025Utilita 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 InvestorcoreTechnology or IntegrationInteractive 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 SocietycoreTechnology or IntegrationYorkshire 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.
• PrommtcoreTechnology or IntegrationPrommt partnership enables Toomey Motor Group to offer customers a fully branded and secure payment journey with Pay by Bank technology
• NatWest GroupcoreOthersPayit 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

Direct 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

• LinkedInlinkedin.com/company/payitbynatwest

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Payit