Essential information for end of life vehicle dismantling, depollution and recycling

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IAA announces new Open Banking payment service for customers

IAA has made significant investments and rolled out new services to build upon its standing as a leader in salvage industry modernisation. Offering customers access to Payit™ by NatWest as part of the IAA UK e-commerce platform is yet another step forward.


IAA announces new Open Banking payment service for customers f

Payit is a fast, safe and secure digital payment solution allowing buyers to make payments directly from their bank accounts to complete the purchase of vehicles. The platform works with most of the UK’s major banks and can be accessed on desktop, laptop, mobile or tablet. IAA integrated Payit within its payment system, allowing UK buyers to complete payments securely within minutes using their own banking credentials.

IAA announces new Open Banking payment service for customers s hankins
Steve Hankins

The rise of e-commerce worldwide has provided another level of convenience for consumers to purchase products, and those same consumers exist within the salvage industry. The auction process — from vehicle assessment, to bidding and buying, and ultimately receiving a purchased vehicle — not long ago was a mostly in-person experience. IAA has successfully turned the entire process digital through innovation and technological advancements, and the integration of Payit aligns with buyers’ desire to find, purchase and receive vehicles quickly and efficiently.

“With payments complete in a matter of minutes, Payit helps expedite vehicle release and gives buyers more time to focus on other essential aspects of their business,” said Steve Hankins, UK Managing Director for IAA.

Rather than waiting for financing approvals and the phone calls and paperwork that come with it, IAA buyers can purchase a vehicle using Payit, plan to receive the vehicle in a short amount of time, and then move on quickly to finding more inventory to purchase. Payit leverages the UK’s Open Banking infrastructure which is regulated by the Financial Conduct Authority.

“Payit saves our buyers time and creates more flexibility by quickly and efficiently processing online transactions on a wide variety of devices,” Hankins said.


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