Platform and DFM provider Parmenion has added an Open Banking facility which will allow advised clients to top up their investments direct from their bank accounts.

It has established a partnership with Payit by NatWest to make top up payments easier.

With the help of their adviser, clients can use Payit to make top-up payments quicker than before. It also makes the process of investing quicker, says Parmenion.

Parmenion also plans to expand the capability to simplify how clients withdraw money and is also working with advisers to understand how Open Banking payment technology can support “greater efficiency” in the future.

Open Banking is a service designed to make the transfer of money between financial providers quicker and more secure.

Payit enables payments through the online bank of a client’s choice using a QR code. Clients do not have to bank with NatWest to be able to access it, nor do they require a mobile banking app, as the tool also works with online banking. 

Parmenion is also making improvements to client reporting, enabling advisers to tailor reports for their clients and in, in response to adviser feedback, has also introduced tiered adviser charging, with client grouping capability now live. 

Parmenion chief marketing officer Sarah Lyons 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 said: “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.”

Parmenion manages about £9bn in investments and works with more than 1,500 adviser firms who serve more than 70,000 underlying clients.