NatWest lntroduces Confirmation of Payee API for Commercial Customers

NatWest, a UK retail and commercial bank, has announced the launch of a new API (Application Programming Interface) that enables commercial customers to embed Confirmation of Payee (CoP) into own systems and processes.

The CoP was introduced across the UK banking industry in June 2020 to combat scammers and prevent money transfer errors. The technology allows banking customers to check individual payments through their online banking, ensuring that the payee's account information is correct.

NatWest's new API will enable its commercial customers to bulk check details of outbound payees who make their payments via Bacs, Chaps and Faster.

"CoP 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." said Gaurav Gaur, head of commercial payments, NatWest Group.

In addition to this new API, NatWest has previously selected Bottomline's CoP solution to protect customers against authorized push payment fraud. It also reached an agreement earlier this month with three payment providers, TrueLayer, GoCardless and Crezco, to offer a new paymetn option Variable Recurring Payments (VRP)​ for businesses and consumers to enhance their payment management capabilities. Moreover, NatWest partnered with Amazon Web Services (AWS)​ to deliver personalized banking experience in this March.