Tagged: natwest

Record Number of New Startups Launched in the United Kingdom in Past Year – Report

The New Startup Index from NatWest and Beauhurst has found that over 900,000 new companies were incorporated in the UK in 2023, making it a record year for new businesses. The startup boom brings the number of active companies “operating in the UK to 5.31m,… Read More

NatWest Joins UK Open Banking DPS

NatWest says it is the first UK bank to join the UK Open Banking DPS or Dynamic Purchasing System. As explained by the UK government: “… frameworks – otherwise known as agreements – help public and third sector buyers to procure goods and services from… Read More

Most UK Businesses Now Familiar with Open Banking and Report an Average Annual Saving of 150 Hours – Survey

Two in three (66%) larger UK businesses say they are very familiar with open banking and users report an average annual saving of 150 hours usually spent “on operational tasks such as processing invoices and financial data, recurring payments and processing refunds, new research reveals.”… Read More

Younger UK Consumers Say Cost of Living Crisis Had Worse Impact on Lives than Pandemic – Survey

The Prince’s Trust NatWest Youth Index 2024, released recently, finds half (49 per cent) of 16–25-year-olds in the UK think the cost of living crisis has had a worse impact on their life than the pandemic. As noted by the Natwest Group, it shows young… Read More

NatWest Continues to Close its Bank Branches, Points Customers to Digital Banking Options

NatWest is planning to close 30 more bank branches in 2024, according to a report by GBNews. This most recent revelation of branch closures just adds to the dozens of closures that have taken place in recent months. The report lists the locations of the… Read More

UK SMEs Record Solid Growth with Renewed Interest in Service Economy – Report

Business activity at UK small and medium-sized enterprises (SMEs) expanded at the fastest rate for seven months in December, “led by renewed growth in the service economy.” Adding to signs of a steady turnaround in business conditions, new orders “stabilized at the end of 2023,… Read More

UK’s NatWest Introduces Digital Tool to Help Businesses Save Energy and Carbon

NatWest has launched an Energy Help and Support tool to help UK businesses reduce their energy usage, cut their carbon emissions and potentially “save money on their energy bills this winter.” Research from the bank has found “that 45% of small businesses say rising energy… Read More

UK’s NatWest Introduces Intellectual Property-based Lending to Support “High Growth” Businesses

High growth businesses generally own few tangible assets, but can be rich in IP and intangible assets, according to an update shared by NatWest Group. These businesses can find it difficult “to use their assets as collateral to secure growth funding, especially when compared with… Read More

UK SMEs Admit to Being Owed between £5K-£20K in Unpaid Invoices – According to Research from Payit by NatWest

Over a quarter (27%) of British small and medium-sized businesses have “admitted to being owed between £5,000 and £20,000 in unpaid invoices” according to research by Payit, NatWest’s open banking payments solution. The impact of late payments has been felt “across the country, with SMEs… Read More

£900 Billion+ in Investments Needed by UK’s Energy Supply Ecosystem to Reach Net Zero by 2050 – NatWest and BCG Report

The UK’s energy supply could require more than £900 billion in capital expenditure to achieve net zero by 20501, opening up “a significant opportunity for public and private capital in enabling a successful transition,” according to a new report published by NatWest and Boston Consulting… Read More

NatWest and IBM to Support Generative AI Initiative to Enhance CX

NatWest and IBM (NYSE: IBM) announced enhancements to the bank’s virtual assistant, Cora, that will use generative AI to provide customers with access to a wider range of information through conversational interactions. The bank will be among the first in the UK to deploy generative… Read More

UK’s TAB, the Real Estate Finance and Investment Firm, Completes Private Securitization Facility

TAB, the real estate finance and investment house set to have a £500m loan book in 2024, has completed a private securitisation facility with NatWest and Atalaya Capital Management of “up to £300m to support TAB’s lending products.” Both funding partners support TAB’s commitment to… Read More

Financial Crime: Majority of UK Adults Targeted by Scams – Report

The most common scams this year have been revealed – “with more than seven in 10 adults targeted by scams in the last 12 months, being hit on average three times each week – over 150 times a year.” Scams through digital platforms, social media… Read More

NatWest to Provide Transaction Categorization to UK Clients as Extension to Open Banking APIs

NatWest has launched a new transaction categorization service called Enriched Transactions, which is available to businesses, such as Account Information Service Providers (AISPs) and lending providers, to integrate with their apps and digital platforms. By making the API-enabled service available to businesses, NatWest claims it… Read More

NatWest, Coutts Account Cancellation Captures Attention of Financial Conduct Authority (FCA)

The UK Financial Conduct Authority (FCA) has issued a statement on the recent bust-up over Coutts canceling a high-profile account due to its internal “values.”  Coutts, which is owned by NatWest, shut down the account of former UKIP leader and noted Brexit supporter Nigel Farage… Read More

Apple: Revolut, Tyl Are First to Enable Tap to Pay on iPhone

Apple (NASDAQ:AAPL) has expanded its Tap to Pay service by offering the product in the UK.  The first two platforms offering the service are Revolut and Tyl by NatWest. Revolut is a top Fintech providing banking services in the UK and around the world. Tyl is… Read More

UK’s NatWest Group Calls for Step Change in Banks, Fintechs’ Approach to Open Banking 

In a report published on ‘The (Unmet) Potential of Open Banking’, Oxera identifies the key economic obstacles that are “holding back the wider adoption of Open Banking and the development of new innovative use cases that go beyond the regulatory mandate.” NatWest Group commissioned Oxera,… Read More

NatWest Group Offers Incentive to UK Firms Switching Main Business Banking Account to NatWest

NatWest, which claims to be the UK’s biggest bank for business, is offering 24 months of free business banking to UK businesses “switching their main business banking account to NatWest.” The new SME switcher offer from NatWest for businesses “with up to £2m in turnover… Read More

Majority Acquisition of Pensions Fintech Cushon by NatWest Group Now Complete

NatWest Group has completed its acquisition of a majority shareholding in workplace savings and pensions fintech, Cushon. In February 2023, NatWest Group agreed “to acquire 85% of Cushon for £144m, with 15% retained by Cushon management.” This acquisition was subsequently “approved by the FCA in… Read More

NatWest Group to Provide £1B in Additional Lending to UK Manufacturing to Support Net Zero Transition

NatWest Group has announced that, from today, it aims to provide an additional £1 billion in lending to the UK Manufacturing sector by the end of 2030, aiming “to stimulate growth in the sector and help manufacturers invest in cleaner, more efficient forms of energy… Read More

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