NatWest says it is the first UK bank to join the UK Open Banking DPS or Dynamic Purchasing System.
As explained by the UK government:
“… frameworks – otherwise known as agreements – help public and third sector buyers to procure goods and services from a list of pre-approved suppliers, with agreed terms and conditions and legal protections. Dynamic Purchasing Systems (DPS) are 1 of 4 types of agreements available through Crown Commercial Service (CCS). They are designed to offer customers a quick, easy and flexible route to market. Customers can then use a DPS to filter suitable suppliers, who have passed pre-arranged checks, based on a range of criteria and create a shortlist to invite to their further competition.”
While a DPS may apply to various industries, regarding Open Banking, it enables you to procure a diverse range of Open Banking products and services in a marketplace from FCA-regulated suppliers.
NatWest states that buyers can now access Payit by NatWest open banking solutions and Confirmation of Payee (CoP) API to support fraud prevention.
CEO at Payit by NatWest, Mike Elliff, said that after becoming the first country to accept tax payments via Open Banking, DPS will provide access to pre-qualified suppliers and NatWest is happy to be the first UK bank appointed to the DPS. He called Open Ban king a key part of the UK financial ecosystem.
“With the continued adoption of Open Banking in the UK, we are uniquely positioned to support the public sector with our award-winning Open Banking solutions. Individuals and businesses rely on NatWest to pay and get paid, which is why as a group we’re entrusted with 1 in 4 UK transactions. Our proven and secure infrastructure enables billions of payments every day. We combine the scale and resilience of a bank with the speed and innovation of a fintech to bring new payment services to our customers quickly and safely.”