NatWest recently revealed that it’s introducing a QR code-based version of its online payment service PayIt in order to help companies accept faster payments of invoices.
Available within the NatWest Business Banking App and using PayIt as the tech backbone, the feature, called PayMe, allows firms to generate a link/ QR code for payers who have any UK bank account to scan, from one pence all the way up to £50,000.
As mentioned in the announcement, the code may be shared with the customer via Facebook, WhatsApp or email and it may also be embedded in an invoice.
PayMe uses Faster Payments to clear and settle the payment in near-real time. Business clients get confirmations when payments are made so they are able to keep track and can add references to payment requests while also tracking historic payments.
The service is mainly intended for companies that handle cash or request payments by bank transfer and issue bank details manually to their clients in-person or face-to-face like sole traders, charities, clubs and societies.
Mike Elliff, CEO, Payit by NatWest stated:
“Time is a valuable asset to many small businesses, particularly in the current climate. Being able to offer and accept this method of immediate payment will give many UK businesses back a lot of the time previously spent chasing payments through emails and phone calls. At the same time, it removes the anxiety felt by many business owners wondering ‘when will I be paid?’.”
As covered recently NatWest announced that it is working cooperatively with Accenture (NYSE: ACN) and Microsoft (NASDAQ: MSFT) in order to build an innovative client engagement platform that will aim to replace its multi-system, legacy frontline architecture.
As mentioned in the update, the platform will aim to integrate all of NatWest’s front office systems across its contact center and branch networks, customer messaging, video banking and complaints channels onto a single, all-digital platform through Microsoft Dynamics 365.
At first, the bank is introducing an appointment booking service that is set to significantly reduce appointment booking times by as much as 75% and allow NatWest staff to conduct more than 6,500 additional meetings.