By Mark Kleinman, City Editor
The taxpayer-backed Royal Bank of Scotland (RBS) has lured the boss of Mastercard's British operation to overhaul its payments strategy following a series of failures which have left it exposed to potentially heavy financial penalties.
Sky News understands that Marion King, who resigned from her position as president of Mastercard UK and Ireland this week, will be joining RBS in the role of group director of payments.
Reporting to Simon McNamara, RBS's chief operating officer, Ms King will spearhead the bank's move towards greater automation of its payments operations, a crucial position at a time when British banks are under increasing pressure to overhaul outdated IT systems.
She will oversee the evolution of new payment platforms such as mobile apps and contactless payments as RBS aims to meet a stated target of becoming the leading bank for trust and advocacy among customers by 2020.
British taxpayers continue to hold 80% of RBS's shares, having rescued the bank with a £45.5bn capital injection during the 2008 financial crisis.
However, the legacy left by RBS's former chief executive Fred Goodwin, has continued to haunt the bank, with its patchwork of IT and other systems contributing to the complex nature of the overhaul confronting his successors.
RBS was hit by a serious failure of its systems in the summer of 2012, which led to millions of customers being unable to withdraw their money, triggering an as yet-incomplete enforcement investigation by the City watchdog.
This week, the Government outlined further details of the scope of its new independent Payment Systems Regulator, which will become operational next year.
Ms King has worked for companies including Reuters and Vocalink, the payments company which is now the subject of a review of its future ownership.
Her departure was announced earlier this week, but Mastercard's statement, which said that her successor would be Mark Barnett, made no mention of her new role at RBS.
Ms King's exit from Mastercard comes weeks after the payments company lost an appeal in the European Union's highest court to overturn an antitrust decision handed down in 2007.
A proposal for a cap on debit and credit card fees is being scrutinised by European Commission members, and is widely expected to be adopted.
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