Like many other retail banks, UK high-street name NatWest is preparing for next year’s ISO 20022 adoption by building up technological foundations.
The company has partnered global management and technology consultancy Capco to assist with the transition, particularly the ISO 20022 requirements around payments and reporting.
The partnership’s long-term goals are facilitating customer, operational and infrastructure opportunities via the development of Bankline Digital Direct. NatWest hopes to use this initiative, which backs up the Bankline Direct cash management solution, for connectivity to UK and European payment schemes.
“We are committed to supporting our clients build a better tomorrow today,” said Jonathan Hall, Head of Digital, Commercial and Institutions at NatWest.
“Given 24/7 e-commerce, the continued rise in mobile and online payments and consumers’ desire for seamless multi-channel experiences, treasuries need to automate and optimise back-office processes or risk falling behind.
“The ongoing evolution of the digital landscape is changing the way our clients want to bank with us and Bankline Direct Digital meets this demand for a more connected, intuitive customer experience and enhanced technology and compliance capabilities.”
The partnership comes towards the end of an active year for Capco, which like other UK payments stakeholders – NatWest included has had a lot of regulatory change to contend with.
This has included the adoption of the Payments Systems Regulator’s (PSR) APP fraud reimbursement rules last month, with the firm telling Payment Expert it has observed a ‘wait and see approach’ among some UK banking firms.
The ISO 20022 adoption deadline next year is the cherry on the cake of a range of regulatory changes both UK companies and overseas ones have had on their agendas. Making the technological leap has proven difficult for some banks, however, as SEB’s Global Head of Cash Management explained to Payment Expert in a recent interview.
Richard Lewis, Partner and Head of Client Service Excellence at Capco, said: “We are delighted to bring our long heritage of digital transformation in banking and payments and other financial services industry domains to this collaboration with NatWest.
“With Bankline Direct Digital, we have helped the bank transition from a complex and capacity-constrained legacy architecture to a scalable launch pad for near real-time connectivity that can accommodate customers’ ever-changing payment, data and regulatory needs.”
