Adviser platform Parmenion has added an open banking functionality to its platform.
The new functionality, made available through a new partnership with Payit by Natwest, allows clients to make top-up payments direct from their bank accounts, reducing the time it takes for their money to be invested on the Parmenion platform.
Payments are made through the online bank of a client’s choice using a QR code and clients do not need to bank with NatWest to be able to access it, nor do they require a mobile banking app, the firm said.
The move is part of a wider drive towards simplifying ways to make payments and enhancing the service Parmenion provides, after recent research found 82% of advisers said that poor service has a significant impact on their day to day working lives.
Sarah Lyons, chief marketing officer at Parmenion, said: “We want to make it as simple and intuitive as possible for people to top up their investments whenever they like. As strong believers in the power of technology, we wanted to embrace the Open Banking revolution to make top ups even easier by adding the Payit tool to the platform. It is also important not to exclude clients who may not be as comfortable with online and mobile banking, so of course we will still allow investment account top-ups via the traditional methods of bank transfers and cheque.
Ritu Sehgal, Head of transaction services and trade at NatWest, added: “We are delighted to help Parmenion leverage the benefits of open banking through Payit by Natwest, enabling clients to top up their investment accounts in a simple and streamlined way. By giving their IFAs access to the service, Parmenion’s customers can add funds quickly to their accounts whilst ensuring a secure transaction.”
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