RBS said it has joined forces with Mastercard, Motive Partners and EFM Asset Management to invest in a business called Pollinate that will look to transform the global merchant services market.
Pollinate is the business behind Tyl by NatWest merchant services business in the UK.
RBS said Pollinate will work with banks around the world to deploy an acquiring platform “offering a merchant-friendly experience which includes payments, business management, marketing connectivity with consumers and charitable giving.”
Pollinate has raised £60 million in funding to date.
Pollinate is run by a team of executives from the payments, technology and loyalty industries including Al Lukies, Jonathan Hughes, Fiona Roach Canning, Tim Joslyn, David Beresford and Anna Moore.
Incoming RBS 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 CEO and co-founder Al Lukies said: “Retail banks around the world are facing common issues, but they remain the only ones in the payment chain who can connect directly with both merchants and consumers.
“They are therefore best placed to help SME’s process transactions, support their balance sheets, and grow their businesses, creating a virtuous circle between the bank, merchants, and consumers.
“As we know consumers increasingly expect a more personalised service from the businesses they interact with, regardless of their size, so at its heart Pollinate is about relationships and growth through connection – our platform enables relationships to be strengthened through fantastic digital experiences, and real-time data processing analytics and integrations.”