Bank expects new tech to roll out in October

NatWest will launch a virtual account later this year to help brokers and insurance firms with client money.

The new platform, developed with Nordic software house Tieto, will support insurance firms needing to segregate clients’ monies to comply with regulatory standards.

Under the new system, customers can digitally self-serve all parts of their clients’ account management activity, on one centralised platform, without the need to hold multiple bank accounts, according to Finextra

The proposition means insurance firms can whittle down the number of accounts they use, improve management of payables and receivables, and get better view of their liquidity.

NatWest head of sales for specialist business Paul Thwatie said: “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.”