NatWest has introduced an API that enables commercial customers to embed Confirmation of Payee features directly into their systems and processes.
Confirmation of Payee was launched in the UK banking sector in June 2020 to fight scams and minimize customer errors. This technology allows banking customers to verify individual payments through online banking by ensuring that the account details entered by the sender match those of the intended payee.
The new NatWest API will facilitate bulk checks of outbound payee details for payments made via Bacs, Chaps, and Faster Payments.
Gaurav Gaur, head of commercial payments at NatWest Group, stated, “Confirmation of Payee has been a game-changing innovation in the fight against fraud and scams in the UK. We are pleased to launch our own API that empowers commercial customers to incorporate this functionality into their systems. This not only helps in detecting fraudulent and misdirected payments but is also known to reduce operating costs and enhance the digital experience for customers.”
Businesses interested in using NatWest’s Confirmation of Payee API can register their interest by visiting www.bankofapis.com. They must have the necessary technical capabilities and resources to implement the API at their own expense.