NatWest is working with SpendLabs to develop a mobile app to help businesses manage their spend.
Reports Monday (May 29) said the bank and the Silicon Valley-based startup have partnered to launch the ClearSpend app, a solution that enables companies to gain greater visibility of spend company-wide and at the commercial cardholder level, boosting control over commercial card spend.
The tool is in pilot phase with 100 NatWest Commercial Card customers, reports said, and could see a broader rollout later this year for NatWest, RBS and Ulster Bank customers using their mobile apps.
“This is another example of how we are working alongside enterprising new technology businesses to develop innovative solutions that will really make a difference to our customers,” said NatWest CEO of commercial and private banking Alison Rose in a statement. “Every business owner knows the importance of budget control. And that includes monitoring expenditure on commercial cards.”
“Administering expenses can be ineffective and time consuming and does not provide the up-to-date information businesses need,” Rose continued. “ClearSpend provides an answer to these challenges. It is one of a number of great ideas I came across during a recent visit to Silicon Valley.”
The bank’s collaboration with SpendLabs is part of a broader trend of traditional banks working with FinTechs to enhance their offerings, but there still remains an air of competition between these two sides of the market.
Last month, NatWest launched another app for small- and medium-sized businesses that promises a loan decision in only a few minutes. The bank has allocated more than $5 billion for SME loans facilitated through the app, a solution designed to remain competitive in an era where alternative and online lenders position themselves against traditional banks because of the speed with which they can deliver loan decisions.