UK Bank NatWest Granted Entry Into UK Open Banking DPS
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NatWest Bank is now the first bank in the UK to become a dealer in the Crown Commercial Service’s (CCS) Dynamic Purchasing System (DPS) for Open Banking.
Every United Kingdom public sector entity like public administrations, charities, schools, NHS, local authorities, and the central government will be granted access to the DPS.
NatWest Wants To Offer New Payment Services To Customers
DPS users can now access to Payit by NatWest, a service provided by NatWest. This service contains Confirmation of Payee (CoP) API services aimed at preventing fraud.
Mike Elliff, Chief Executive Officer of Payit by NatWest gave his own opinion about the agreement.
He cited that after the UK became the first nation in the world to incorporate tax payments using Open Banking, this Dynamic Purchasing System will grant the public sector access to a host of pre-qualified suppliers.
He further stated that NatWest is excited to become the inaugural bank in the UK to join the DPS. Open banking is a fundamental aspect of the UK financial system. It’s encouraging, to watch it get incorporated into the public sector.
Elliff highlighted that Companies and individuals depend on NatWest to receive payment and give payments. Its secure and proven structure allows billions of transactions daily. The company merges the innovation and speed of a fintech with the resilience and scale of a bank to offer innovative payment services to clients safely and quickly.
In 2021-2022, CCS supported the public sector with £2.8 billion in achieving commercial benefits when purchasing goods and services.
NatWest Group Is Leading The Way In Financial Services And Banking
NatWest is presently the primary card supplier within the framework of the CCS Payment Solution 2 and serves as one of two House Banks on the Government Banking Contact.
NatWest Group, located in Edinburgh, Scotland, is a British insurance and banking holding firm. The group operates numerous banking brands that offer insurance and corporate finance, investment banking, private banking, and business and personal banking.
In the UK, its primary subsidiary firms include Coutts, NatWest Markets, Royal Bank of Scotland, and National Westminster Bank. The group issues banknotes in Northern Ireland and Scotland.
Before the general financial crisis and collapse in 2008, the group was briefly the world’s largest bank and was the second-largest bank in Europe and the UK, and the fifth-largest globally by market capitalization.
Following a major loss of confidence and a slump in share price, the bank dropped sharply in the rankings. However, it had to be bailed out by the United Kingdom government through the UK rescue package in 2008.