NatWest plans to offer its small businesses and corporate customers a new virtual account platform in partnership with Nordic software company Tieto.
The platform will support regulated professions - such as legal, accountancy and insurance firms - which need a safe and simple way of segregating their clients’ monies to comply with regulatory standards. These customers will now be able to digitally self-serve all aspects of their clients’ account management activity, on one centralised platform, without the need to hold multiple bank accounts.
The bank will offer the new services under its NatWest and Royal Bank of Scotland brands from October 2019, with further rollout to its Coutts and Ulster Bank customers planned from 2020.
The launch is part of the bank’s wider commitment to investing in digital solutions that enhance customer experience, with plans to use technology to support more sophisticated banking requirements for business and large corporate customers in the future.
Paul Thwaite, head of sales, specialist businesses and business banking at NatWest, said: “Our new partnership with Tieto will allow us to offer innovative cash management solutions to SME and corporate customers - particularly those customers with more complex needs.”
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