- Interactive investor (ii) now supports NatWest’s Payit, enabling instant open banking payments for users.
- Customers can directly fund ISAs, GIAs, and SIPPs, avoiding card details or delays in time-sensitive markets.
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What happened
Interactive investor (ii), the UK’s second-largest investment platform, has partnered with NatWest to integrate its open banking payment solution, Payit. This integration allows ii customers to link their bank accounts directly to their investment accounts via the ii website and app. Through Payit, customers can fund ISAs, General Investment Accounts (GIAs), and SIPPs seamlessly, avoiding traditional card payments. Transactions are instant and secure, utilizing open banking technology and Strong Customer Authentication to eliminate risks of fraud and data mishandling. The platform simplifies payments by removing the need for manual card entries or One Time Passcodes, making the user experience faster and more efficient. As time-sensitive financial markets demand quick action, this feature is expected to significantly enhance ii’s services.
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Why it’s important
The adoption of Payit by ii highlights the growing influence of open banking in modern financial services. Open banking streamlines payment processes by directly linking bank accounts, eliminating intermediaries like credit cards or payment processors. For individual investors, time-sensitive decisions often mean that delays in funding accounts can result in missed opportunities. This integration eliminates such barriers, improving financial agility.
Small-scale businesses and individuals particularly benefit from open banking technologies, as they reduce operational costs and risks. James Hodgson, CEO of Payit, emphasizes its security and low integration complexity, making it accessible to firms beyond large financial institutions. Similarly, customers of ii will find a smoother experience, aligning with industry trends toward digitization and user-centric financial tools.
On a broader scale, Payit and similar innovations reflect how technology continues to reshape the financial landscape. As more companies adopt open banking, traditional card-based payments may become obsolete, disrupting the market and creating opportunities for secure, real-time transactions. This shift represents not only improved user experiences but also long-term changes in how financial systems operate globally.
