UK-based retail banking company NatWest has started testing a new payment process through direct bank transfers, reported The Telegraph.

The trials aim to eliminate the process of entering credit or debit card details every time while paying for online shopping.

NatWest is conducting the trials with mobile phone chain Carphone Warehouse. If successful, other retailers are expected to get associated with the initiative.

Under the new process, the user will be redirected to the NatWest website for authentication while paying for online shopping. The customer can validate themselves through fingerprint authorisation on a mobile phone or by entering their banking login details.

A secure token between the bank and the respective retailer would allow the user to carry out a safe transaction.

The process is expected to streamline payment procedure reducing the NatWest’s own ‘3D secure’ verification steps.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In April, NatWest collaborated with Vocalink Analytics to improve invoice fraud detection by using machine learning.

It stated that the usage of anti-fraud solution has helped its corporate clients save nearly £7m.