NatWest turns to Valley startup to streamline company cards
National Westminster Bank is partnering with Silicon Valley startup SpendLabs to develop a new app to help businesses digitally manage spending initiated through company credit cards.
London-based NatWest also views the development of the ClearSpend app as a way to help businesses cut down on seeking customer service help to manage business accounts.
“Administering a commercial card program can be ineffective and time consuming," Alison Rose, CEO of commercial and private banking at NatWest, said in a press release. "Customers do not always have access to the up-to-date information that businesses need, and customers are often required to call a help desk to make simple account changes."
The ClearSpend app will allow businesses to see real-time updates and make changes to company card accounts instantly. It has been rolled out to the entire NatWest commercial cards network after a successful test last year, the bank said. ClearSpend links directly to the card processor, which enables users to see transactions as they occur as well as real-time balance and credit limit information.
NatWest said the app introduces improved functions for the customer to manage their account, including setting credit limits and merchant category blocking.