According to the official press release, the launch adds to the Indirect Access Payments suite of APIs (Application Programming Interface). This API suite is reportedly widely used by NatWest Agency Banks and Indirect Payment Service Providers to process secure bank-grade and non-bank grade domestic payments, worth billions in value, plus get real-time status information on those payments.
For commercial and corporate treasury teams, NatWest is supporting the increasing demand for real-time payments and processing with the addition of three new APIs in the bank’s host-to-host solution, Bankline Direct, complementing those already available for financial institution customers, the press release states.
According to NatWest, Bankline Direct integrates with customers Treasury Management Systems (TMS) or Enterprise Resource Systems (ERP) and is used for payments and reconciliation activities. Reportedly, NatWest Bankline Direct APIs can directly connect the bank with different systems, allowing for the secure transmission and processing of payment data in real or near-real time. The APIs use industry-standard security and ISO20022 formats allowing customers to make secure payments, the press release continues.
The three new APIs developed for corporate and commercial customers in direct response to customer feedback include:
Make a Payment – customers can directly initiate a CHAPS, Faster Payments, and international transfer and receive near real-time payment status notifications;
Account reconciliation – pull and schedule reports to enable treasury teams to directly access information and optimise the power of their data;
Autopay Direct Bacs API – launch of a new product, aimed at large corporate customers to allow for Bacs payments to be submitted unattended.
NatWest serves customers in England and Wales, providing them with personal, private, and business banking services.
The Paypers sat down with Jessica Richards, Head of Market Development, Payments at NatWest, to find out more about innovation in banking and the five key trends she sees in the payments industry. Also, we met with Jessica at Sibos 2022, where she let us know more about current and future industry trends, and the main takeaways of the event.
In October 2022, Netherlands-based fintech company Floryn raised a total of EUR 65 million in financing from NatWest, a bank representative stating that it is actively seeking opportunities to support fintechs that have sustainable propositions. Also in October, Token announced a partnership with NatWest to provide VRPs (Variable Recurring Payments) for non-sweeping services.
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