NatWest is the primary UK financial institution to be named as a provider on the Crown Business Service’s (CCS) new Dynamic Buying System (DPS) for open banking companies.
This DPS is accessible by all public sector entities within the UK together with central authorities, native authorities, NHS, police, training suppliers, devolved administrations and charities. Suppliers can be part of the DPS at any time over its eight-year lifespan.
It means consumers can entry Payit by NatWest open banking options in addition to Affirmation of Payee (CoP) API to assist fraud prevention.
NatWest, as the biggest provider of Business Playing cards beneath CCS’ Fee Options 2 framework, and certainly one of two Home Banks on the Authorities Banking contract, is already deeply built-in with the general public sector.
“After turning into the primary nation on this planet to just accept tax funds by way of open banking, this DPS will give the general public sector entry to a pool of pre-qualified suppliers,” stated Mike Elliff, CEO at Payit by NatWest. “NatWest is delighted to be the primary UK financial institution appointed to the DPS. Open banking is a key a part of the UK monetary ecosystem and seeing it built-in into the general public sector is encouraging.
He additionally added: “People and companies depend on NatWest to pay and receives a commission, which is why as a bunch we’re entrusted with one in 4 UK transactions. Our confirmed and safe infrastructure allows billions of funds each day. We mix the dimensions and resilience of a financial institution with the velocity and innovation of a fintech to carry new cost companies to our clients shortly and safely.”
Crown Business Service helps the general public sector to realize most business worth when procuring frequent items and companies. In 2021/22, CCS additionally helped the general public sector to realize business advantages equal to £2.8billion – supporting world-class public companies that provide greatest worth for taxpayers.
