NatWest has announced a partnership with Vodeno, the Polish-based embedded banking provider, as part of plans to launch a new Banking as a Service (BaaS) business in the UK.
The organisations said the partnership will enable businesses to embed financial services products, including payments and deposits, into their ecosystem by using Vodeno’s BaaS technology and NatWest’s banking technology and UK banking licenses.
The new UK entity will reportedly be 82 per cent majority owned by NatWest with Vodeno holding the remaining minority interest.
“As a leading supporter of UK business, we are committed to investing in digital transformation to provide a simpler and better banking experience for our customers,” said Alison Rose, chief executive at NatWest. “By entering into this strategic partnership with Vodeno Group we will be able to meet the evolving needs of our business customers as they look to embed financial products in their own propositions and journeys.”
Wojciech Sobieraj, chief executive of Vodeno, commented: “Consumers require high quality and accessible banking products that are end-to-end digital, and Banking-as-a-Service is making this possible.”
He added: “We are excited to combine our technology with NatWest Group to offer the next generation of financial services.”
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