Following this announcement, the Know Your Credit Score product will be available for all eligible UK-based clients. The service was built with the existing software of TransUnion’s CreditView solution, which already has multiple customers of NatWest and Royal Bank of Scotland. Through the partnership, these users will be given the possibility to access their TransUnion credit score with no additional fee via an interactive dashboard while using the mobile banking application.
Know Your Credit Score also offers unlimited free access to TransUnion credit score information, which aims to enable individuals and users to have detailed insights into their credit health and make informed financial decisions. Both of the companies will further work on developing the product in order for it to be available to all eligible UK customers, regardless of the bank they are a cardholder of.
The Know Your Credit Score service can be accessed by any individual, including non-NatWest clients, on the company’s website.
UK-based bank NatWest announced multiple product launches and partnerships in the last couple of months, covering several geographic areas around the world.
The bank published a new report at the beginning of July 2023, concluding that financial institutions and banks need to design frameworks for supporting a wider and safer range of Open Banking use cases. The report outlined three main subjects: the development of new and seamless multi-party systems, the procedure of mandating banks to provide clients with a wider set of Open Banking use cases, as well as encouraging banks and FIs to expand Open Banking use cases through the use of premium APIs.
NatWest also commissioned the economics and finance consultancy company Oxera in order to develop the report, focusing on offering an overview of the economic analysis, as well as insights that were set to be leveraged to improve the upcoming decision-making processes for the next phase of Open Banking in the UK.
Earlier in June 2023, SoftPoS orchestration Phos by Ingenico announced its partnership with NatWest to launch its Tap to Pay service, for the payment tool Tyl by NatWest on Andriod devices. The Andriod product allowed businesses and firms to provide their customers with quick and efficient payments. Phos’ Tap to Pay was designed to use its SoftPoS technology in order to improve the manner in which traders and merchants accept transactions by using mobile devices, including debit card payments, credit card payments, as well as digital wallet transactions.
NatWest launched Tap to Pay on Android back in May 2023, and it developed the product for enabling clients to accept in-person contactless payments on their personal phone devices. The application has an easy set-up process that aimed to allow businesses to present users with a payment screen on their compatible Android phone and accept the contactless transaction in a secure and efficient way.
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