London-based firm NatWest Markets has announced the launch of an API that will enable customers to easily integrate Confirmation of Payee into their systems. The company noted that commercial clients using the new NatWest API will have the ability to complete bulk checks using the information from outbound payees.
These will be possible for payments made through Faster Payments, Chaps, and Bacs, according to the press release shared by NatWest.
UK Banks Intensify Efforts To Deal With Fraudsters And Scammers
To reduce the level of scams within the UK financial sector, the banking industry introduced the Confirmation of Payee in June 2020. The
The Head of Commercial Payments at NewWest Group, Gaurav Gaur, commented on the partnership. He noted that Confirmation of Payee is a game-changing innovation as the UK battles scams and fraud in the country. With the new API, commercial customers can be able to implement the functionality into their systems. Apart from detecting misdirected and fraudulent payments, the API can improve the digital journey for customers while reducing operational costs.
NatWest Markets Removes Additional Hold Time For e-FX
In February this year, NatWest Markets announced plans to stop the latency buffers or hold period for eFX. According to the firm, more information about the latency buffers will be available upon clients’ request. Also, the company has provided details as well as other disclosures about the transactions.
Following the announcement, NatWest announced that it no longer applies latency buffers to its FX trading.
NatWest said the move was necessary for transparency within the industry. Other leading banks such as UBS, Morgan Stanley, and Goldman Sachs, also scrapped the additional hold times earlier.
NatWest also stated that it may improve the FX rate a client has requested if the FX rate the company is prepared to trade improved for the client/. However, this is only applicable if it occurs within the period between the submission of a transaction and the acceptance of such requests by NatWest Markets. The approval will drive an improved FX rate and price improvement for the customers.