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Payments General

Starling to power RBS and Natwest digital payments

Tuesday 28 August 2018 | 01:00 PM CET

Starling Bank has signed a contract to provide payment services to support the digital bank plans of RBS and NatWest.

According to The Sunday Times, this is for RBS’s new digital platform, which is under development. It is not known how much RBS will pay Starling for the use of its infrastructure, but Starling will also benefit from efficiencies of scale. The banks declined to comment.

Starling has also revealed that it currently has 210,000 personal current accounts. It is also being sponsored by the Central Bank of Ireland to test its euro proposition, which was planned to launch in the county this year, but has been held back by Brexit discussion until 2019.

Currently, the proportion of these customers making monthly direct debits has more than doubled year-on-year. Similarly, the proportion of Faster Payments made by these customers has almost tripled over the same period.

In the last five months, the challenger has launched business and sole trader accounts, joint accounts, international payments and loans, as well as Banking-as-a-Platform APIs.

The bank is currently looking at ways to expanding its applications of machine learning and artificial intelligence (AI) in financial advice and management.

More: Link