NatWest has launched the UK’s first Faster Payments clearing Application Programming Interface (API).

The move will let its FCA-regulated financial institution customers make use of the data sharing technology to make and receive payments in real-time.

It will offer indirect clearing services to over 200 UK banks, building societies, credit unions and correspondent banks with UK sort codes, giving them the option to connect to UK payment systems via its interfaces, instead of becoming direct members on the industry’s Faster Payments clearing scheme.

Currently, most customers send payments via bulk files, which results in additional processing and delayed receipt of funds for ultimate beneficiaries. The new service let them to plug the secure API technology directly into their existing infrastructure, allowing 24/7 instantaneous payments capabilities.

Earlier this year, the bank announced that it was to re-enter the merchant acquiring market when it launched NatWest Tyl, allowing small business customers to receive payments in-store and online.

Martin Fiddaman, head of financial institutions at NatWest, said: “Faster Payments are an integral part of the service we offer our institutional customers – in the last 12 months alone we have helped these customers make payments totalling over £100 nillion, and as a bank we process £1 of every £4 sent in the UK.

“As a leader in this space we’re delighted to become the first major UK bank to allow payments to be made in real time via API, offering ease and convenience.”

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