Royal Bank of Scotland has unveiled a new partnership that will see it compete against Worldpay in the global payments market.
The Scottish bank has joined forces with Mastercard, Motive Partners and EFM Asset Management to invest in a business, dubbed Pollinate, that aims to “transform the global merchant services market”. One of the sector’s biggest players is Worldpay, which RBS sold in the wake of the financial crisis.
Pollinate will work with banks worldwide to provide a “merchant-friendly experience” spanning the likes of payments, business management, marketing connectivity with consumers and charitable giving.
The new venture has been working in partnership with RBS to develop “Tyl by NatWest”, a merchant acquiring proposition for small and medium-sized enterprises (SMEs), launched in May, and now available to the bank’s SME customers in England and Wales.
RBS’ new chief executive Alison Rose said: “I am hugely excited to announce the creation of a global merchant services company with Mastercard, Motive Partners and EFM Asset Management.
“Partnering with such high-quality companies, each of us bringing unique expertise and skills, allows for a truly international offering.
“We are committed to continually improving the products and experiences that we deliver to our customers, and the creation of Pollinate represents an innovative and successful approach of working with partners to do this.”
Jeff Emmanuel, chief investment officer and founder of EFM, said: "As technology companies around the world are reimagining the delivery of financial services, a number of fintech ‘enablers’ have recognised the opportunity in bridging technological innovation, and the distribution scale and brand value of the largest financial institutions.
"We are delighted to be backing this great team, and through our board participation, look forward to leveraging our network and experience in the space to maximise the opportunity."