NatWest integrates with Xero to boost lending
NatWest is integrating business customers with accountancy platform Xero, allow its subscribers to access a NatWest financing service directly from the Xero platform.
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.
Rapid Cash, NatWest says, will be the first working capital product to have this level of integration with Xero in the UK.
NatWest’s plan is to increase broader connectivity between its suite of digital banking services, and other major providers in the business banking sector, it says.
In the UK, Xero provides 536,000 businesses to its ecosystem which has more than 800 third-party apps and 200 connections to banks and financial service providers.
Andy Ellis, Head of NatWest Ventures, says business banking customers increasingly tell demand simple digital 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.”