Monday, June 17, 2024

NatWest first UK bank to kick off ‘Request to Pay’ revolution

Dean Wallace, Head of Product Management, Real-Time Payments, ACI Worldwide comments on the launch of NatWest’s new ‘Request to Pay’ payments service:

NatWest is the first UK bank to launch a truly innovative payments service, leveraging Open Banking compliant APIs and its direct connection to the UK’s Faster Payments Service.

The service offers numerous benefits for consumers and retailers. Consumers will be able to pay for goods directly from their bank account, without using a debit or credit card. They will see the balance on their account immediately, updated in real time. The new service will also help to better manage day-to-day finances whilst at the same time offering the convenience of paying with what’s already in your hand, your smartphone.

Retailers will be able to benefit from lower payment processing fees and lower fraud costs, through direct usage of bank-grade security which avoids the need to obtain the consumer’s sensitive payment information.

“The core concept behind the new technology is ‘Request to Pay’: The person or entity that wants to be paid for goods or services asks to be paid via a trusted third party who then routes the payment request to the consumer’s bank. The bank then uses a secure mobile app to present the ‘Request to Pay’ to the consumer so they can choose an account, check the balance, and make the payment.

In 2016 Vocalink launched a ‘Request to Pay’ service in the UK known as PaybyBank App. In the next few months we expect similar services to launch in the UK and Europe, made possible through Open Banking, the wider pan-European PSD2 regulation and the roll-out of several new Instant Payments schemes.”

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