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April 16, 2019updated 15 Apr 2019 5:40pm

NatWest launches biometric payment approval for businesses

By Briony Richter

NatWest biometric payment approval solution is now available for business and commercial banking customers.

The launch is a first for the UK. It allows business to make payments of any size through their Bankline Mobile app using Face ID or Touch ID.

Therefore, users don’t need to bother with a card reader. With this new feature, business can also authorise numerous users to set up payments. From there, business owners can approve on the go through their app.

Frequently, owners spend hours every day on business admin. This app provides additional flexibility and ease over their payment management.

Furthermore, customers can make a payment transactions going through enhanced security features. Once the device is registered, customers can set up and approve a transaction using secure biometric authentication. Once the user has chosen either Face ID or Touch ID , they simply enter their six digit Bankline Mobile Keycode to complete the process.

The bank is investing more time into providing innovative solutions for businesses. In March 2019, NatWest and Tieto partnered to launch a new virtual account platform for SMEs and corporate customers.

With the new platform, customers can digitally self-serve all aspects of their clients’ account management activity. This will take place on one single and centralised platform.

NatWest biometric payment delivers enhanced security

Biometric authentication is rapidly becoming a popular way to validate a persons’ identity.

Passwords are outdated and constantly getting hacked by online fraudsters with far more sophisticated technology.

The feature complies fully with PSD2 regulations that govern Secure Customer Authentication which due to come into effect later this year.

Chief Operating Officer, commercial and private banking at NatWest, James Holian, says: “We know that ease, speed and security are important to our customers, and that’s why we’re excited to be the first UK bank to offer biometric payments of any size, through our Bankline Mobile app.

“By offering unprecedented levels of security via three levels of unique authentication, as well as the ability to make payments of any size, we feel this is another important innovation that will make it easier for our customers to get on with doing what they do best: running their business.”

 

 

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