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Payments General

NatWest launches new virtual account platform for business customers

Tuesday 19 March 2019 | 12:36 PM CET

NatWest has announced plans to launch a new virtual account platform in partnership with Nordic software company Tieto.

Through this partnership, Natwest aims to offer its SME and corporate customers a new client monies and virtual account management service.

The new platform will support regulated professions – such as legal, accountancy and insurance companies – who need a simple way of segregating their clients’ monies to comply with industry best practices and 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 platform’s features will also appeal to corporate businesses who want to hold a smaller number of physical bank accounts, improve their payables and receivables processes, and have greater visibility and control over their liquidity positions.

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 NI customers planned from 2020.

More: Link
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