With its registered office in Edinburgh, UK, the Royal Bank of Scotland (RBS) was formally chartered in 1727 and handles a host of merchant accounts through its card payment services partner, WorldPay, one of the world’s largest payment processors. Through its partnership, RBS offers services that allow businesses to take seamless face-to-face and remote payments. RBS claims that it works with Worldpay because it processes more than 26 million transactions every day, and promises no hidden charges or complications when it comes to processing in-person, over the phone, or online transactions.
Additionally, current RBS customers benefit from card transactions being processed and settled into their accounts within two working days, instead of the standard three days.
Most importantly, RBS works with high-volume businesses that have unpredictable payment schedules, such as gambling sites. WorldPay supports this by offer high-speed online payment gateways.
RBS acquired WorldPay in 2002 and rebranded it RBS WorldPay. After RBS was hit hard by the recession in 2008 and given a £46 billion government bailout to continue to operate, it was forced to sell its controlling interest in the company and it was rebranded back to WorldPay. Even after Vantiv acquired WorldPay in 2017, the processor remained a strong, go-to partner of RBS.
Working with WorldPay has its advantages, such as processing up to 500 transactions per second and funds are directed straight to business accounts. Additionally, its processing is safe and secure because it uses thorough risk management systems that aim to prevent fraud.
WorldPay also has a stronghold in the UK, processing more than 40% of all transactions in the country.