Banking News

Virtual accounts for SME and corporate clients of NatWest

Virtual accounts for SME and corporate clients of NatWest

(19 March 2019 – United Kingdom) NatWest is rolling out a centralised virtual account management platform for SME and corporate customers servicing multiple accounts.

The new platform, developed with software company Tieto, will support regulated professions - such as legal, accountancy and insurance firms - who need to segregate client money to comply with regulatory standards.

Under the new system, these customers will 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.

The new platform is expected to be available later this year.

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