The new virtual account platform, which has been developed by NatWest in partnership with Nordic software developer Tieto, is expected to help legal, accountancy, insurance and other regulated companies who would need to segregate their clients’ money to comply with regulatory standards.
The platform will enable the SME and corporate customers to self-serve all aspects of the account management activity of their clients digitally on a single centralized platform, without having to maintain multiple bank accounts.
NatWest will offer the new virtual account services to its customers under the NatWest and Royal Bank of Scotland brands from October 2019. The retail banking company also plans to launch the services to its Coutts and Ulster Bank NI customers from next year onwards.
Tieto transaction banking head Ilkka Korkiakoski said: “We are excited to partner with NatWest. This delivers a cash management solution that provides a differentiated customer experience for their customers.
“We look forward to working closely with NatWest to bring an array of innovative services to the market.”
The features of the virtual account management platform are said to be helpful to corporate businesses which are looking to maintain a smaller number of physical bank accounts. For these businesses, the platform is expected to enhance their payables and receivables processes while giving better visibility and control over their liquidity positions.
NatWest specialist businesses and business banking sakes head Paul Thwaite 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.
“Our customers want digital banking solutions that are easy to use and help them manage their business safely and efficiently, and that help them get on with doing what they do best – running their business.”
Earlier this month, NatWest announced a partnership with Lloyds Bank and Barclays to evaluate the UK’ first shared business banking hubs, that will enable the three banks’ business customers to carry out transactions through a shared facility.
