British bank NatWest is launching a merchant acquiring service for SMEs, taking on Worldpay, the business that parent RBS was forced by the government to sell off nearly a decade ago.
NatWest Tyl will help firms accept card payments online and in-store, promising straightforward customer on-boarding, simple pricing and next working day settlement, as well as smart data-led insights.
Already live with a small number of clients, Tyl will be made available to all merchant acquiring customers later in the year.
Alison Rose, CEO, commercial and private banking, NatWest, says: “Developing our own merchant acquiring and payments proposition is an important step forward and reiterates our commitment to harnessing the revolution in new technologies so that our customers can remain focused on growing their businesses.”
The new venture, sees NatWest parent RBS take on, among others, Worldpay. RBS was forced by EU regulators to sell off Worldpay as a condition for receiving a government bailout during the financial crisis of a decade ago.
Advent International and Bain Capital paid about £2 billion for the business in 2010 – a deal that has since proved good value as the payments sector has boomed over the last few years.