Using Single Sign On (SSO) technology, Xero users will have direct access to NatWest’s Rapid Cash service, which provides businesses with a flexible line of credit to cover unpaid invoices for up to £500,000, offering greater flexibility and a fast solution to temporary cash flow difficulties. Rapid Cash will be the first working capital product to have this level of integration with Xero in the UK.
The move is part of the bank’s intention to introduce broader connectivity between its suite of digital banking services, and other major providers in the business banking sector.
New Zealand based tech company Xero provide cloud-based accountancy software targeted at small and medium sized businesses. Born-in-the-cloud, Xero is an easy-to-use platform for small businesses and their advisors around the world. In the UK, Xero provides 536,000 businesses with connections to a thriving ecosystem of 800+ third-party apps and 200+ connections to banks and financial service providers.
NatWest launches the new feature today having also introduced a similar level of functionality with its accountancy software business FreeAgent several months ago, which over 100,000 UK sole trader and small SME customers now use. The bank acquired the Edinburgh based fintech in 2018, which continues to operate as an operationally independent entity.
Andy Ellis, Head of NatWest Ventures, said: “We’re pleased to be able to begin offering our innovative new services, such as Rapid Cash, to users of Xero from today. Businesses increasingly tell us that they want simple, easy access to our products and services. By offering our solutions directly through the platforms that customers use to manage their business day to day, we’re making it easier for them to get the support they need – whether that’s funding, products or our expert advice.’
Edward Berks, Director of Platform Business, UK & EMEA, Xero, said: “Small businesses have historically fallen behind larger firms in accessing the best financial services. This means they often struggle to access capital which can threaten their very existence. So it’s great to see the playing field level out through innovations such as NatWest Rapid Cash.”
NatWest is a sponsor at this year’s Xerocon event, taking place at the London ExCel between 12-14 November, where the bank will be exhibiting its key digital ventures with attendees.