June 6, 2005, 12:00 AM

NatWest to close FastPay online payment service

National Westminster Bank is shutting down its United Kingdom-based FastPay person-to-person payment service, effective July 15. FastPay is accepted by auction sites, including eBay, Cyberbid and eBid.

Kurt Peters

Executive Editor

National Westminster Bank is shutting down its United Kingdom-based FastPay person-to-person payment service, effective July 15. FastPay is accepted by auction sites, including eBay, Cyberbid and eBid.

NatWest says existing customers will be able to accept and withdraw funds from their accounts through July 14. No new applications are being taken.

FastPay was open to consumers 16 years or older with a U.K. e-mail address and debit or credit card or checking account. NatWest launched FastPay in 2002 to offer a low-cost alternative payment service to eBay’s PayPal.

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