National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom. In 2000, it became part of The Royal Bank of Scotland Group, which was re-named NatWest Group in 2020.
Objective
NatWest is one of the nine largest banks in the UK as determined by the Competition and Markets Authority, and part of this CMA 9. It has been at the forefront of developing a CoP service for its customers. Given the bank’s central role in the country’s financial infrastructure, NatWest currently handles one out of four digital payments in the UK.
Outcome
Critically, SurePay has improved the system through the pioneering use of algorithms to check and track payments. It was that aspect, among several others, that convinced NatWest that working with partners like SurePay offered a way forward into a future of further digital disruption.
SurePay’s experience in the past four years has been instructive: rolling out CoP through the Dutch banking system allowed the company to improve its algorithm, tweaking and improving the system to a point where it is now the best-in-class solution and fit for a new, regulated and competitive market in the UK.
