NatWest Group, a relationship bank for digital space and believes in beating all obstacles and allowing it’s millions of users including businesses and families across the UK and Ireland to gain financial confidence. Being the largest business and commercial bank in the UK, it supports the business sector with our banking services to around 1 in 4 businesses from start-ups to multinationals. It has unveiled its new direct access Confirmation of Payee (CoP) Application Programming Interface (API) for businesses.
NatWest brought this CoP in June 2020 to the UK banking industry to safeguard against frauds and help customers with a flawless process. Consumers can process each payment carefully using their online banking services by ensuring all details of the payee asked and provided correctly match with the help of CoP, and API.
Gaurav Gaur, Head of Commercial Payments, NatWest Group, stated, “Confirmation of Payee has been a game-changing innovation in the battle against fraud and scams in the UK, and today we’re delighted to launch our own API that will allow commercial customers to implement this functionality into their own systems. Not only will this detect fraudulent and misdirected payments, but CoP is also proven to reduce operating costs and improve the digital journey for customers. NatWest is committed to investing in the development of new and innovative services which are API enabled to allow customers to embed them into their business. Today’s launch is another example of our commitment to support customers in this space.”
Businesses and enterprises can embed this API to their existing online banking systems and check in bulk for outbound payee details for payments made using Clearing House Automated Payment System (CHAPs), Bankers’ Automated Clearing System (BACS), and Faster Payments.
