Our Innovations
We've been innovating for more than 300 years. It's a continuous process and we can claim some important firsts in our history.
Technology
- 1962
- Westminster Bank, a constituent of NatWest, becomes the first UK bank to introduce machine-readable information on cheques to allow automatic sorting.
- 1963
- The Royal Bank of Scotland's constituent Coutts & Co becomes the first British bank with a fully computerised accounting system in all its branches, linking head office to its five branches around London.
- 1973
- RBS is the first Scottish bank to have all of its 592 branches linked online to a central account-processing computer.
- 1990
- IBOS (Inter-Bank On-line System) is developed through the unique alliance of RBS and Banco Santander of Spain, providing a speedy, economical cross-border European payments service.
- 1995
- RBS International, the Group's Jersey-based operation, launches the first offshore, round-the clock telephone banking service for expatriate customers worldwide.
- 1997
- RBS is the first British bank to launch a comprehensive internet banking service.
- 2002
- RBS successfully completes the largest IT integration project ever undertaken in the banking sector, following its acquisition of NatWest.
- 2007
- RBS is one of three employers to attend the world's first virtual careers event, held in the online world Second Life.
- 2008
- NatWest conducts the UK's first trial of contactless debit card payments via mobile phone.
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- How old is the Royal Bank?
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The Royal Bank of Scotland itself was established by royal charter on 31 May 1727. Some of our constituent businesses are even older, dating back as far as the 1580s. You can learn more about them at RBS Heritage On-line.
- Is it true that Scottish banknotes are not legal tender?
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Yes, it is - but Bank of England notes aren't legal tender in Scotland either. Officially, the phrase 'legal tender' means money that a person is obliged to accept if offered it in payment of a debt. Under Scottish law, that does not include banknotes, which are classified as 'legal currency' but not 'legal tender'.
The only historical exception was during the two world wars, when as a temporary measure the government made banknotes legal tender in Scotland, as a way of reinforcing people’s trust in them. This was important in a time of shortages, when the government needed to be sure that people would not hoard gold.
