15^th November 2024 – Mark Brant, Chief Payments Officer at NatWest comments:

“We welcome the National Payments Vision, it provides the opportunity to have a clear roadmap for payments in the UK that is forward looking, realistic and enables the industry to focus resource where it will have the most impact. As a leader in open banking, NatWest is actively engaged in activities focused on the future of payments.

“The steps that the government has outlined will help unlock growth in the UK economy, ensuring the UK’s global lead is not eroded by a complex regulatory change agenda which inhibits firms from providing innovative services that meet their duty to deliver good outcomes for customers.

“It’s time we fully realise the growth potential of digital and accelerating the implementation of open banking through enhanced commercial models. In addition to a focus on the core infrastructure to bolster innovation, we support a clear, predictable and resilient regulatory framework to build on the foundations, with a focus on the three pillars – Innovation, Security and Competition in the interests of the UK and the industry.”

“Digital ID is a proven way to reduce fraud and financial crime while reducing friction through open finance data sharing. Recognising this, NatWest has rolled out several Digital ID initiatives in the last few years. With the appropriate safeguards in place to encourage confidence and adoption and industry collaboration, it could be a gamechanger.”