The Payment Initiation API allows regulated third parties to make payments directly from the account of an Investec UK Private Banking client that uses their products and services. Clients are always in full control and need to provide approval for each payment.
Why use it?
Initiate payments such as:
Single domestic payments
Single domestic scheduled payments.
There is a range of possible advantages when using the Payment Initiation API depending on your product / service: from reducing the cost of transactions to reducing potential risks associated to storing card details.
Who can use it?
You will need to be a regulated third party provider (regulated by the FCA in the UK or an equivalent European authority) and be enrolled with Open Banking in order to access our sandbox and APIs.