NatWest partners with Silicon Valley startup to launch app that helps track business spending
NatWest is trialling an app – ClearSpend – to help businesses manage company spending as it happens. Developed in partnership with Silicon Valley start-up SpendLabs, ClearSpend gives businesses and financial directors control and visibility of commercial card transactions as they happen.
The app allows businesses to set budgets at company, business and cardholder level, place limits on spending, receive real time alerts and control when, where and how commercial cards can be used.
Alison Rose, CEO commercial and private banking at NatWest, said:
“We’re excited to be launching the trial of ClearSpend. This is another example of how we are working alongside enterprising new technology businesses to develop innovative solutions that will really make a difference to our customers.
“Every business owner knows the importance of budget control. And that includes monitoring expenditure on commercial cards.
“Administering expenses can be ineffective and time consuming and does not provide the up to date information businesses need.
“ClearSpend provides an answer to these challenges. It is one of a number of great ideas I came across during a recent visit to Silicon Valley.”
NatWest is trialling the app with 100 NatWest Commercial Card customers throughout May with an aim to roll it out later in 2017. If successful, it will be available to NatWest, RBS and Ulster Bank Commercial Card customers on iOS, Android phones, as well as a web app.
Ankur Varma, Senior VP, Spend Labs said:
“I’m delighted that we have been able to launch ClearSpend with NatWest.
“It is the only app of its kind available in the UK, and supports NatWest’s ambition to provide its customers with simple, innovative products and solutions and ‘a seamless digital-led channel experience.”