We’re delighted to have supported SBI UK in providing their retail and SME customers with 24/7 access to Faster Payments, through our API solution.
New products ensure SBI’s customer proposition is fit for purpose in a changing world
State Bank of India (SBI) is a Fortune 500 company and is the largest commercial bank in India with a vast network of over 25,000 branches and 229 offices in 37 countries. SBI is present in UK since 1921 and currently celebrating its Centenary in UK.
In April 2018, SBI founded State Bank of India (UK) Limited to deliver UK retail activities in addition to their wholesale business. Since their start in the UK, NatWest has supported SBI’s growth as their agency clearing bank.
With SBI looking at new services and products to enhance and grow their UK franchise and determined to deliver on their ambition to become the first Indian Bank in London to offer their retail and SME clients 24/7 real time access to the UK Faster Payments infrastructure, the NatWest team introduced its customer to NatWest’s API solution for Faster Payments.
Expertise and close collaboration help deliver powerful result
To support their customer in advancing their payment systems, NatWest invited SBI to be one of three initial pilot banks selected for the new 24/7 Faster Payments API solution at the start of 2020. SBI already offered their retail and SME clients 12/5 (6.30 AM to 6.30 PM) access through another NatWest solution, but the 24/7 access would also enable SBI to capture client payment flows being processed by other UK banks, which are offering the 24/7 service.
To provide guidance and knowledge around the required technology and its implementation NatWest’s technology team in India worked closely with SBI’s technology team to ensure a fast and smooth delivery of the enhanced payment system.
Looking to the future in partnership
After the successful introduction of Faster Payments for their retail and SME clients, SBI are now looking to build out their offering to larger corporates, while simultaneously exploring the option to implement NatWest’s innovative ‘Confirmation of Payee’ solution to help protect their UK clients from fraud.
Helping SBI to shape tomorrow with today’s innovations
Monika Tarr, Head of Banks - Rest of the World, Financial Institutions & Professionals Coverage, NatWest, said: “Growing with times, SBI continues to redefine banking in India and in the UK, and we are delighted to have had the opportunity to be on SBI’s side since the successful launch of their UK subsidiary and to support their expansion with our expertise in the UK market and innovative ideas. NatWest is committed to help our customers achieve their ambitions of today to ensure sustainable growth for tomorrow.”
Sanjay Pandey, ED, SBIUK Ltd, commented: “We are very thankful for NatWest’s support over the last three years. Introducing 24/7 Faster Payments is another example of the truly collaborative approach NatWest takes: their team displayed excellent coordination and provided detailed guidance and workshops between our technology team in India and their technology team in India, ensuring a smooth implementation, and all delivered in a great team spirit. We are looking forward to our next project together.”
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