Royal Bank of Scotland (RBS) is launching a merchant acquiring service, NatWest Tyl, for small to medium-sized businesses (SMBs), heading back into the payments business, putting it in direct competition with its former subsidiary Worldpay.
RBS launches merchant acquiring business NatWest Tyl
EU regulators forced RBS to sell its payments business, which was renamed Worldpay, as a condition of its taxpayer bailout of almost £50 billion during the financial crisis.
“Developing our own merchant acquiring and payments proposition is an important step forward,” said Alison Rose, head of commercial and private banking, RBS.
The move is likely to be welcomed by regulators, who are reviewing competition issues in the sector. The Payment Systems Regulator has raised concerns that incumbents have been taking advantage of their dominance to overcharge small businesses.
As well as basic payments services, Tyl aims to provide data analytics to help customers measure and improve their performance. It is the latest in a series of new technology-driven initiatives designed to strengthen RBS’s business banking offering, following a new digital loans service called Esme and a standalone business bank called Mettle.
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