Cashplus, a banking service by Advanced Payment Solutions Ltd., is claiming to be the first business in the UK to provide a business current account instantly online, reports Finextra. Prior to this initiative, many business corporations in the UK would be denied business current accounts from banks, even if applications had been approved. Cashplus’ new service will allow UK businesses to receive current accounts even if they are newly established or don’t have a trading history.
Richard Wagner, CEO of APS said, “Businesses increasingly want to self-service online and they don’t want to have to go through a lengthy process and travel to a branch to open an account. We’ve reduced the traditional multi-step process to a one-stop 5 minute activity that can usually be done completely online.”