Insight & Analysis

Press release: NatWest to launch virtual accounts for SMEs and corporates

Published: Mar 2019

19th March 2019 – NatWest is to launch a centralised virtual account management platform for SME and corporate customers servicing multiple accounts.

The new platform, developed with Nordic software house Tieto, will support regulated professions – such as legal, accountancy and insurance firms – who need to segregate clients’ monies to comply with regulatory standards. Under the new system, these customers 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 are also designed to 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.

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, and that help them get on with doing what they do best – running their business.”

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.

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