Connect with us

Finance

NatWest Pilots New Working Capital Product Rapid Cash

Behavioural Biometrics

NatWest has announced the pilot launch of Rapid Cash – a digital, flexible working capital product that connects with accounting software to provide a dynamic credit limit of between £25,000 to £300,000.

NatWest Rapid Cash is an alternative to a traditional business overdraft, with a credit limit that is based on customers’ unpaid invoices. The application process is digitised, quick and seamless, and customers could obtain credit approval within 24 hours of applying. Once approved, customers could have funds in their account within a few hours.

Rapid Cash can be tailored to individual customer needs – with a choice of how much to borrow, and for how long. Once funds are repaid, customers can draw down against the line of credit again, up to their approved limit.

The product has been tested with a select number of the bank’s business customers since the start of 2019 and is now open to all business customers who bank with NatWest. The bank then plans to make this product available to all UK businesses in the coming weeks.

Commenting on the launch of NatWest Rapid Cash, Paul Thwaite, MD Head of Sales, Specialist Businesses & Business Banking said: “We are excited to launch NatWest Rapid Cash as the latest in a number of innovative offerings that we have brought to our business customers recently. This is a product which we have built to provide an alternative to a conventional business overdraft. By continuing to enhance the value, speed and choice of the services we offer, we’re aiming to ensure that customers can remain focussed on what matters – growing their businesses”.

NatWest Rapid Cash was developed in partnership with Waddle Loans Pty, a leading Australian fintech lender.

Source: NatWest

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Text Translator

Awards Ceremony

Click on the Image to view the Magazine

Global Brands Magazine Awards Ceremony

.

Global Brands Magazine is a leading brands magazine providing opinions and news related to various brands across the world. The company is head quartered in the United Kingdom. A fully autonomous branding magazine, Global Brands Magazine represents an astute source of information from across industries. The magazine provides the reader with up- to date news, reviews, opinions and polls on leading brands across the globe.


Copyright - Global Brands Publications Limited © 2020. Global Brands Publications is not responsible for the content of external sites.

Translate »
%d bloggers like this: