NatWest announces fintech partnership to support small business customers
NatWest is announcing a partnership with leading accounting fintech FreeAgent.
The bank will be offering FreeAgent’s platform to small business customers over 2017. The platform can be linked with businesses’ bank accounts, which comes with a host of benefits. For instance, it will improve forecasting, save time and simplify the whole tax process by allowing them to attached photos of receipts to their transactions.
NatWest is currently working with the Edinburgh-based company to create a unique data sharing capability which will allow the bank to run data analytics on companies’ accounts. For those customers who are happy to do so, the data will help the bank to have better discussions with them about how to plan for the future and how the bank can help them to meet their goals.
It is hoped FreeAgent’s platform will make life easier for small business owners, who in many cases have to do accounting themselves, allowing them to concentrate on running their business.
Marcelino Castrillo, managing director, business and private banking at NatWest, said:
“The way customers want to bank with us is constantly changing, so it is important for us to innovate. The unique data sharing we are developing with FreeAgent has really exciting potential, as it means we will be able to offer an even better, more tailored service to customers who want it.
“When you are a small business you want to concentrate on establishing and growing, not on tracking expenses and invoicing. By offering this platform, business owners will have everything in one place, giving them valuable time back to do what is most important – establish and grow their business.”
Ed Molyneux, chief executive officer of FreeAgent Holdings, said:
“We are delighted to have been chosen from over 30 vendors to help and support NatWest’s business bank customers, using FreeAgent’s software to make life and accounting much easier for them. We look forward to working more closely with them and developing our relationship as the benefits of FreeAgent accounting software are introduced to NatWest’s small business account customers throughout 2017.”