NatWest Announces Integration With Xero to Make Funding More Accessible to SMEs
- 19.11.2020 01:31 pm
NatWest has announced an integration with global small business platform Xero, which will allow its users to access a NatWest lending service directly from the Xero platform - the first lending service from a high street bank to be introduced by Xero in the UK.
Eligible Xero subscribers will be able to apply for NatWest’s Rapid Cash service, which provides a flexible line of credit based on outstanding invoices up to £300,000, offering greater flexibility and a fast solution to help smooth out cash flow.
Customers can then click through a simple three stage process to apply for the funds, which, if approved, are credited to their account within 48 hours. Once outstanding invoices are settled, the balance is repaid. Using Rapid Cash’s existing seamless integration with Xero, the facility is updated in real-time so customers’ payments are easier to reconcile. There is no need for data entry or uploading invoices.
The move is part of the bank’s strategy to introduce broader connectivity between its suite of ventures for small businesses and other major providers to UK small businesses.
Julie Ashmore, CEO, NatWest Rapid Cash, said: “We’re delighted to begin offering our Rapid Cash directly to Xero’s users in such an integrated way. Our customers increasingly tell us that they want simple access to quick, accessible lending that helps them run their business day to day, and we believe we’ve achieved that with Xero.
We’re especially pleased to achieve this integration, becoming one of the first UK banks to work with a third party partner to provide quotes directly to its customers, within their platform.”
Edward Berks, Executive General Manager, Financial Partnerships, Xero, added: “Small business owners cite poor cash flow as one of their biggest pain points, and being paid late is a major contributor. Instead of waiting 30 days or more for payment, Xero customers will be able to access money tied up in their outstanding eligible invoices. This will help business owners control cash flow so they can better manage their finances which is crucial in this challenging environment.”