NatWest has launched a working capital product that connects with accounting software to provide businesses with a dynamic credit limit of between £25,000 and £300,000. The NatWest Rapid Cash is an alternative to a traditional business overdraft, with a credit limit that is based on customers’ unpaid invoices.
The application process is digitised, and NatWest customers could obtain credit approval within 24 hours of applying. Once approved, the funds could be in an account within a few hours.Once funds are repaid, customers can draw down against the line of credit again, up to their approved limit.
The product has been piloted with a number of the bank’s business customers since the start of 2019 and is now open to all business customers who bank with NatWest. The bank then plans to make this product available to all UK businesses in the coming weeks.