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Magex announced that NatWest will use Magex's Managed Payments Platform as the technology platform for FastPay, its new mobile phone and email P2P service.

NatWest, part of The Royal Bank of Scotland, is currently trialling FastPay to UK consumers. The service enables anyone with an email address or a mobile phone number to send and receive payments.

One of the key features of FastPay is that it is open to all UK residents regardless of what bank is their primary bank account. New consumers simply visit www.fastpay.com to register for their account. Once the registration process has been completed, users are free to send and receive money to anyone with an email address or mobile phone number.

Users can also pay money into / take money out of their FastPay accounts using any UK debit card or bank account.

"We are delighted that NatWest has chosen Magex as its technology partner for this important trial", said Josh Groves, CEO of Magex. "Over the last 12 months, we have been working extremely hard to develop pioneering P2P and P2M payment services and solutions for financial institutions and mobile operators. The recent launch of the trial of FastPay proves Magex to be a major player in the growing P2P payments industry in the UK and Europe."