Metro Bank claims 15 minute business account opening with new tech

Metro Bank has launched a new online journey for its small to medium-sized enterprise (SME) business account customers.

It claims new users will be able to open a business account on their mobile or online in just 15 minutes from application, through to identification checks and approval.

After a beta launch throughout August, Metro Bank has now made this publicly available for new business customers, which will be able to apply for a Bounce Back Loan subject to eligibility.

The online journey auto-populates business data from Companies House to save applicants time and uses selfie ID verification.

The bank launched an in-app business insights tool to make managing finances easier in October 2019, which was followed in December with the release of MCash, letting business customers select a day for cash pick-up and/or drop-off from as close as 24 hours away - and up to a week in advance via the Metro Bank app.

In recent months, the bank has launched new receipt management technology that empowers SMEs to capture, store and link their receipts to transactions in their mobile business app.

David Thomasson, chief commercial officer at Metro Bank, commented: “Making our business bank accounts available online is a vital step as we cement our position as the UK’s best community bank, supporting more small businesses nationwide.

"We’ve got plenty more exciting product initiatives planned, both for personal customers and businesses, which we look forward to sharing in the coming months.”

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