NatWest launches business virtual account platform

NatWest has introduced a virtual account platform to enhance money management for its business customers.

According to the bank, the platform will support the “complex needs” of customers operating in regulated professions – such as legal, accountancy and insurance firms – with features aimed at compliance with industry best practices and regulatory standards.

The system provided by Nordic software firm Tieto enables small and medium-sized enterprises (SMEs) and corporate customers to segregate money within a single bank account, eliminating the need to hold multiple accounts.

It also introduces improved digital self-service around account management aspects such as payables and receivables processes, with greater visibility and control over liquidity positions.

According to NatWest, the launch is part of a wider plan to invest in digital initiatives around enhancing customer experience. The bank added that will build on its use of Tieto’s technology to support additional services for its business and large corporate customers.

The bank will offer the new services under its NatWest and Royal Bank of Scotland brands from October 2019. A further roll-out to its Coutts and Ulster Bank NI customers is planned from 2020.