Rapid Cash, aimed at working capital needs, offers credit limits based on firms’ unpaid invoices up to £300,000 and is designed to plug easily into accounting software.
Now available to the bank’s customers, plans are to offer it to all UK firms in the coming weeks.
Businesses only pay for what they use with rates from four to five per cent upwards, approval is within a day and once funds are repaid they can draw down credit again.
The technology was developed with Australian fintech lender Waddle Loans and Paul Thwaite, NatWest head of sales, specialist businesses and business banking, said: “This is a unique market leading product making it easy for businesses so they can concentrate on growing.”
The secure video banking channel will be in addition to the bank’s relationship manager and telephone networks. Now available now to both NatWest customers and those of its parent RBS, it was developed with Californian tech communications specialist Zoom.
Pre-arranged online conversations can include up to eight people, using mobiles, tablets or PCs, allowing staff and support experts such as accountants to join in. Help will cover any banking issue and specifics such as cash flow, suppliers and international trade.
“It is more personal than a telephone call and for some more convenient. Customers are comfortable with video social media and expect that now,” explained Thwaite.
NatWest’s growing digital group also includes merchant acquiring and payments service Tyl and standalone lender Esme Loans. New services for the human resources and safety sectors are being considered.
“It is all part of a significant change in how NatWest presents itself,” added Thwaite.