Using the new functionality, Teneo will be able to pay those affected by insolvent businesses almost instantly whilst ensuring payments can only be made into the recipient’s bank account, eliminating the current need for manual verification on an individual’s bank account.

Mike Elliff, CEO of Payit and Tyl by NatWest, claims Payit is the first provider to offer open banking payments with CoP.

“CoP is a great example of listening to customer pain points and providing a solution which resolves these," he says. "Without CoP, these name checks would usually be done manually and result in a time-consuming laboursome process that is open to error. Now through the use of Payit, customers can do these automatically."

This additional service is provided free of charge to Payit customers - with a flat fee charge per transaction for every payment sent.

Daniel Butters, CEO of Teneo Financial Advisory UK, comments: "This new, innovative and cost-effective solution removes the need to manually issue cheques or collect and verify creditor bank details. This means we are able to make faster and more secure payments to streamline our creditor distribution processes and revolutionise our industry’s payment solutions in the most time efficient manner.”