NatWest and Tieto developing virtual accounts for corporates of all sizes
NatWest is to launch a centralised virtual account management platform for SME and corporate customers servicing multiple accounts. The platform, developed with Tieto, will support regulated professions – such as legal, accountancy and insurance firms – that 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.
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.