NatWest has been among the initial UK banks to receive confirmation as a supplier on the CCS's new Dynamic Purchasing System (DPS) for Open Banking services. This DPS will be open to all public sector entities across the UK, encompassing central government, local authorities, NHS, police, education providers, devolved administrations, and charities. This confirmation enables buyers to utilise NatWest's Payit Open Banking solutions and gain access to the Confirmation of Payee (CoP) API, thereby enhancing fraud prevention measures.
NatWest is already well integrated within the public sector. For example, it is one of the largest suppliers of commercial cards under CCS’ Payment Solutions 2 framework. It is also one of the two house banks on the government banking contract.
Officials from NatWest said that this DPS will give the public sector access to a pool of pre-qualified suppliers. NatWest is happy to be among the first UK banks appointed to the DPS. With the continued adoption of Open Banking in the UK, they are uniquely positioned to support the public sector with their Open Banking solutions. NatWest processes a quarter of all UK transactions, offering secure infrastructure for billions of daily payments. They combine traditional banking reliability with fintech innovation to swiftly and safely introduce new payment services to customers.
Crown Commercial Service supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2021 and 2022, CCS helped the public sector to achieve commercial benefits equal to GBP 2.8 billion.
In November 2023, NatWest has partnered with IBM to implement generative AI technology, aiming to enhance customer experience with its virtual assistant, Cora. This collaboration enables Cora to offer a wider range of information and more conversational interactions to users. NatWest views this initiative as part of its strategy to provide tailored support for customer financial welfare through innovative AI solutions.
By leveraging IBM's AI and data platform, watsonx, NatWest aims to evolve Cora into a digital concierge, known as Cora+, offering more interactive and personalized services. The integration of generative AI allows Cora+ to access previously inaccessible information from various sources within the NatWest Group, enabling more natural and comprehensive responses to customer inquiries.
The UK-based bank emphasises the importance of maintaining trust and reliability in its AI-driven services, working closely with IBM to ensure ethical AI practices and proper governance. The collaboration aims to provide customers with a safer, more human-like, and reliable digital assistant experience. Through this partnership, NatWest seeks to strengthen customer loyalty by delivering valuable AI-driven solutions while ensuring customer welfare and satisfaction.
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