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RBS announces Fintech partnership

RBS to offer FreeAgent accounting platform to small business customers.

RBS has announced this week a partnership with accounting Fintech, FreeAgent, which will see the bank offer FreeAgent’s platform to NatWest and Royal Bank of Scotland small business customers .

The platform should make life easier for small business owners, who in many cases have to do their accounts themselves, allowing them to concentrate on running their business. By linking in with businesses’ bank accounts, the platform will improve forecasting, save time and simplify the whole tax process with useful elements like allowing users to attach photos of receipts to their transactions.

RBS is currently working with the Edinburgh-based company to create a unique data sharing capability which will allow the bank to run data analytics on companies’ accounts. For customers who are happy to do this, the data will support customers and help them meeting their business and financial goals.

Marcelino Castrillo, RBS Managing Director of Business and Private, said: “The way customers want to bank with us is constantly changing, so it is important for us to innovate. The unique data sharing we are developing with FreeAgent has really exciting potential, as it means we will be able to offer an even better, more tailored service to customers who want it.

When you are a small business you want to concentrate on establishing and growing, not on tracking expenses and invoicing. By offering this platform, business owners will have everything in one place, giving them valuable time back to do what is most important - establish and grow their business.”

Ed Molyneux, Chief Executive Officer of FreeAgent Holdings, said: “We are delighted to have been chosen from over 30 vendors to help and support NatWest and Royal Bank of Scotland business bank customers by making life and accounting much easier for them.”

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