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NatWest scraps online payment service

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NatWest is ditching its online payment service - FastPay - because it no longer fits in with the UK bank's plans.

FastPay has already stopped accepting new punters and will close all accounts and cease service on July 15, although existing customers can still use the service until then.

A statement on the FastPay site reads: "We regret to inform you that the NatWest FastPay service will be closing with effect from 15th July 2005. We will not be taking any new applications for FastPay accounts with immediate effect.

"In accordance with the NatWest FastPay Terms and Conditions you [existing customers] are being given a 30 day notice period, during which time you can continue to use the service as before."

A spokesman for NatWest said the bank "regularly reviews its products and services" and that FastPay "no longer fits in with our current strategy".

FastPay was launched in August 2002 following a tie-up with online payment service Magex Ltd and was available to anyone with an email address or a mobile phone number to send and receive payments. ®

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