NatWest has today announced plans to launch a new virtual account platform in partnership with leading Nordic software company Tieto, 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 firms - who need a safe and 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.
The launch of the new platform is part of the bank’s wider commitment to investing in digital solutions that enhance the customer experience. The bank hopes to build on its use of this technology in the coming years to support more sophisticated banking requirements for its business and large corporate customers.
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. 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.’
Ilkka Korkiakoski, head of Transaction Banking, Tieto, said: “We are excited to partner with NatWest to deliver 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.”