Payit’s AIS solution, powered by open banking, enables businesses to securely access and verify customer financial information in real time.
Access to timely, verified data can support earlier detection of suspicious activity, enabling businesses to make more informed decisions.
The result is a safer, more efficient experience for both businesses and consumers.
Are consumers sufficiently aware that not all payment and banking providers offer the same level of protection?
We need to see greater awareness among consumers, not all payment providers and fintechs offer the same level of protection.
As the fintech market continues to expand, consumers are presented with an increasing number of options and the level of security, regulatory oversight and industry experience must be considered.
This is an important message that we are actively working to push. Consumers often focus on convenience, speed or price – which are all important factors – but security should remain a key consideration when choosing a provider.
Being backed by NatWest means customers benefit from the expertise, security and governance that comes with one of the UK’s largest banks.
It is crucial for consumers to understand who is behind the service they are using and how their data is protected.
Greater transparency and education across the industry will help customers make more informed decisions.
What security standards should businesses look for when choosing a payments provider?
Businesses should look beyond functionality and pricing.
Security should be at the core of the decision-making process – any weakness in the payment ecosystem can negatively impact both the business and its customers.
Robust security not only helps mitigate risk but also protects brand reputation and consumer confidence.
In terms of specific security standards, businesses should prioritise those providers who comply with UK and European regulatory frameworks for payment processing and open banking – for instance, Payment Services Regulations and Strong Customer Authentication protocols.
It’s not only about checking the tools and protocols, but equally important is the provider’s track record and reputation.
Businesses should consider how long the provider has operated, their approach to governance and whether they have demonstrated cybersecurity investment.
Ultimately, businesses should seek providers that balance innovation with security.
The most effective payment solutions are those that deliver a seamless and reliable customer experience while maintaining strong protections for the businesses, avoiding fraud.
How can the financial services industry respond more quickly and consistently to emerging cyber threats?
The financial services industry operates in an environment that is constantly evolving – and cybersecurity is no exception.