RBS, NatWest and Tieto are partnering to launch a new virtual account platform for SMEs and corporate customers.
Specifically. the innovation will allow regulated professional business customers to segregate their clients’ money simply.
As a result, customers will benefit from enhanced cash management and self-service capabilities.
The new platform will support regulated professions – such as legal, accountancy and insurance firms. Such clients require a safe and simple way of segregating their clients’ monies to comply with regulatory standards.
Customers will now be able to digitally self-serve all aspects of their clients’ account management activity, on one centralised platform. Thus, there is no need for such clients to hold multiple bank accounts.
RBS NatWest and Tieto team up: service launches October 2019
The platform’s features will also appeal to corporate businesses who want to hold a smaller number of physical bank accounts. It will, says the bank, improve their payables and receivables processes. And it will 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. The bank aims to roll out the service to Coutts and Ulster Bank brand customers from 2020.
Paul Thwaite, head of sales, specialist businesses and business banking at NatWest says: “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. This helps them get on with doing what they do best – running their business.’
Ilkka Korkiakoski, head of transaction banking, Tieto, says: “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.”
RBS NatWest and Tieto teaming up is just the latest such fintech agreement for the bank. In particular, RBS acquired a 25% stake in millennial-focused fintech Loot in January.
In addition, RBS is working with digital lending platform Esme Loans. This offers entrepreneurs and SME’S a simplified, rapid and paperless end-to-end process with competitive rates for loans up to £150,000.