UK-based retail and commercial bank NatWest has introduced a new biometric payment approval feature for business and commercial banking customers.
Image: NatWest has launched new biometric payment approval feature. Photo: courtesy of Royal Bank of Scotland.
The new biometric payment approval will facilitate business and commercial banking customers to make payments of any size via their Bankline Mobile app using Face ID or Touch ID, enabling to avoid the use of a card reader.
NatWest’s new banking feature enables businesses to authorize multiple users to setup payments, allowing business owners to subsequently approve on the go through their app.
To better serve customers, the biometric payment approval feature is incorporated with three unique security factors.
After registering with the device, the customers can set up and approve a payment using biometric authentication, including Face ID or Touch ID, before entering their six digit Bankline Mobile Keycode to complete the process.
NatWest has worked with external partners to ensure the safety of the new feature and comply with the upcoming Payment Service Directive (PSD2) regulations, which oversee secure customer authentication.
The new feature is available to the iOS users, while it is expected to be available on Android and other platforms in the second half of this year.
NatWest commercial and private banking COO James Holian said: “We know that ease, speed and security are important to our customers, and that’s why we’re excited to be the first UK bank to offer biometric payments of any size, through our Bankline Mobile app.
“By offering unprecedented levels of security via three levels of unique authentication, as well as the ability to make payments of any size, we feel this is another important innovation that will make it easier for our customers to get on with doing what they do best: running their business.”
Earlier this month, NatWest also announced the trialing of a new personal finance app, which has been designed to better serve its customers.
The new personal finance app, dubbed Mimo, will support the customers budget, prompt them of the financial tasks they need to do, and offer proactive and personal insights into their money.