NatWest launches speedier Faster Payment service for financial institution customers

By John Reynolds on 24th September 2019

Fintech

NatWest claims its Faster Payments clearing API service for institution customers is a UK first.

NatWest launches speedier Faster Payment service for financial institution customers
Image source: Martin Fiddaman, Head of Institutions, NatWest.

NatWest has launched a speedier payment service for its financial institution customers.

NatWest says its Faster Payments clearing API service for finance institution customers is a first for the UK market.

But, Starling Bank did also launch a similar API-type service last year.

Over 200 banks, building societies, credit union and other UK institutions will now be able to make and receive payments in real-time through the new service, Natwest said.

The new service is a faster offering for customers, most of whom currently send payments via bulk files, which leads to extra processing and delayed receipt of funds.

The new service allows customers to plug the API tech directly into existing infrastructure, which Natwest says allows an around the clock instantaneous service.

Martin Fiddaman, Head of financial Institutions, NatWest, said: “Faster Payments are an integral part of the service we offer our institutional customers – in the last 12 months alone we have helped these customers make payments totalling over £100 million, and as a bank we process £1 of every £4 sent in the UK. 

“As a leader in this space we’re delighted to become the first major UK bank to allow payments to be made in real time via API, offering ease and convenience.”

Tim Tor, Head of Bankline Direct Product, NatWest, said: “Introducing cloud-hosted APIs is a logical step in our product evolution, and creates a great opportunity for our clients to gain efficiencies with their payment processing and reconciliation."