Royal Bank of Scotland (RBS) has partnered with Mastercard, Motive Partners and EFM Asset Management to invest in a business called Pollinate to transform the merchant services market.
Pollinate works with banks across the world to deploy an advanced acquiring platform, to offer a merchant-friendly experience through payments, business management, marketing connectivity with consumers and charitable giving.
RBS commercial & private banking CEO 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, benefitting not only our customers but the wider merchant acquiring space.
“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.”
Pollinate is developing a cloud-based technology platform for merchants and consumers
Pollinate is claimed to be one of the players in the international payments space, backed by a team of industry experts across payments, financial services and consumer industries.
In collaboration with RBS, it has been developing Tyl by NatWest, an advanced merchant acquiring proposition for SMEs, which was launched in May and rolled out for England and Wales SME customers.
Tyl provides smart data-led insights to help customers in making informed business decisions, along with straightforward customer on-boarding, simple pricing and next-day settlement.
Furthermore, Pollinate is developing an innovative cloud-based technology platform that powers merchant and consumer digital experiences, which is now in advanced discussions with other leading retail banks across the world.
The banking firm said that its new collaboration would bring together a unique combination of technology know-how, reach and distribution capability.
RBS, a retail banking subsidiary of The Royal Bank of Scotland Group, has approximately 700 branches in Scotland and larger towns and cities across England and Wales.
