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NatWest Offer Mastercard’s Pay by Bank Service

UK
Uncategorized
Business Development & Expansion, New Products, Payments

(25 August 2021 – United Kingdom) NatWest Group has joined Mastercard’s merchant account-to-account payment platform to offer customers Mastercard’s “Pay by Bank” services.

This follows the bank’s announcement earlier in the year that it will be migrating its debit card portfolio to Mastercard.

Rival banks HSBC and Barclays are already active platform users. With NatWest joining them, the Pay by Bank service application will be available to around 21 million customers in the United Kingdom (UK).

All customers within NatWest Group’s brands (NatWest, RBS, Ulster Bank, and Coutts) will also have access to this new service. Pay by Bank will be equipped with fast Automated Clearing House (ACH) technology to settle payment in near real time, allowing customer instant updates on bank balances.

“We are pleased to be expanding our relationship with Mastercard to offer Pay by Bank application as another option for our customers to pay, offering additional choice and convenience” commented NatWest Head of Payment Schemes and Partnerships, Salim Secretary

“Pay by Bank application is the next evolution in online payments and this partnership with NatWest will make it available to even more people across the UK” commented Mastercard Senior Vice President, Suren Nawalkar.

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