Open Banking has redefined the financial environment for UK businesses, and at the centre of this shift are Account Information Services and the digital journeys they can enable.
Advanced data-sharing technology is driving an evolution in the payments landscape by turning financial data into actionable insights that can provide a better customer experience, improve efficiency, and save costs.
Account Information Services (AIS) allow customers and businesses to securely share financial data and support more informed, well-timed decision making.
In recent years, AIS has been evolving from a means of simply aggregating data, into a source of real-time intelligence which allows for more flexible and tailored products and services and enhances credit decisioning capability – which in turn improves customer acquisition and customer satisfaction.
With Payit by NatWest, a trusted UK Open Banking-enabled platform, these capabilities could now become part of a business’s everyday operations.
Payit enables customers to make secure, card-free payments directly from their bank accounts and uses AIS to link a bank account to enable one-click payments. It eliminates manual data entry and reduces transaction friction, all while maintaining bank-level security and compliance standards.
Unlocking business advantages with AIS
Payit already gives customers the ability to securely share details like bank account numbers and sort codes. But AIS tools are evolving into intelligent digital partners for large businesses and corporates, to not only analyse patterns but also automate decisions.
With AIS, businesses can save time and money, while reducing data management headaches and helping customers to enjoy quick and smooth experiences.
Some key enterprise features of AIS include:
- The ability to verify identity and account ownership during onboarding
- Validating income and expenses in real time
- A reduced exposure to third-party fraud and anti-money laundering (AML) risks
- Streamlining of in-life customer reviews
- Support for financial inclusion and an improved customer experience
These advantages are already proving to be significant for some organisations which have employed the technology. One example is Interactive Investor, where 60% of transactions were switched to Payit within two months of launching, and adoption continues to grow.
Tamian Godfrey, Co-Founder and Market Development Lead of Payit by NatWest, says: “AIS allows businesses to tether bank accounts directly, reducing the risk of a customer’s card expiring, being frozen or being cloned.
“It's a more secure and efficient way of collecting payments, which can save money for businesses since they are not so reliant on card schemes and their associated costs. Also, easy one-click payments supported by AIS can allow transfer of funds up to a limit of £1m.”
She adds: “With end-to-end encryption, AIS also increases security and mitigates exposure to money-laundering risks as it clearly identifies the source of funds.”
Embedding AIS into everyday operations
The next step in the evolution of AIS looks likely to be embedded finance, where financial data and insights are integrated directly into the platforms businesses already use.
For instance, in the Utilities Sector, Payit helps with fast onboarding and gives customers an alternative means to make recurring payments. In the Telecom Sector, Payit supports better credit-risk decisioning and helps facilitate Know Your Customer (KYC) checks.
These advantages also allow businesses to act on real-time intelligence quickly and securely. For example, by helping identify a customer who is in financial difficulty and offering support.
By embedding AIS in these existing platforms, financial information becomes more accessible, supporting efficient decision-making across the entire business.
For business leaders, AIS represents an opportunity to access secure and verified financial data to help make decisions that could drive growth and efficiency.
Speak to your Relationship Manager about how AIS could help your business or contact us at [email protected].
You will need to sign up to Payit terms and conditions and you may need to hold an account with us. Your business must be based and trading in the UK with a turnover above £2m. You must be 18 years or older. Fees apply.