Parmenion, a leading adviser platform and discretionary fund management (DFM) provider, has integrated open banking functionality into its platform through a partnership with Payit™ by NatWest. This innovation allows clients to make quick, secure top-up payments directly from their bank accounts, significantly reducing the time it takes for funds to be invested.
The integration is part of Parmenion’s broader vision to simplify payment processes. In the future, the platform aims to extend this capability to make withdrawals easier and enhance efficiency for advisers through open banking technology.
What Is Payit™ by NatWest?
Payit™ is an award-winning open banking solution that enables seamless payments via online banking or QR codes. It works with any bank, not just NatWest, and doesn’t require clients to use mobile banking apps. This flexibility ensures a user-friendly experience for all clients.
Enhancing Adviser and Client Experience
This initiative aligns with Parmenion’s dedication to delivering a superior service. Recent research conducted with the Lang Cat revealed that 82% of advisers believe poor platform service significantly impacts their daily work. Parmenion aims to address these concerns by combining in-house innovations with cutting-edge partnerships like Payit™.
In addition to payment upgrades, Parmenion has improved its client reporting tools, enabling advisers to customize reports. The platform also introduced tiered adviser charging with client grouping features, responding to adviser feedback for greater flexibility.
Leadership Perspectives
Sarah Lyons, Chief Marketing Officer at Parmenion, shared:
“We’re committed to making investing as simple and intuitive as possible. By integrating Payit™, we’re leveraging open banking to streamline top-ups while ensuring accessibility for clients who prefer traditional methods like bank transfers and cheques.”
Ritu Sehgal, Head of Transaction Services and Trade at NatWest, added:
“We’re thrilled to support Parmenion in adopting Payit™. This technology enables secure and efficient transactions, empowering advisers and their clients to manage investments with ease.”
Parmenion continues to innovate, demonstrating its commitment to using technology to enhance client and adviser experiences while simplifying the investment journey.
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