Just Cashflow, Railsbank team on SMB accounts
UK based specialist lender just moneyin collaboration with FinTech Bank of railsis rolling out its own business bank account program for small and medium-sized enterprises (SMEs), according to a report by AltFi.
The program will focus on the features usually expected of such a product these days, including a sort code, debit cards, fast payment standing orders and data sharing with accounting pages from Xero, Sage and A3, indicates the report.
There will also be other features like automatic expense recording and “tight integration with its credit facility,” according to AltFi.
Additionally, the Just Cashflow product will combine the account with a lender’s existing revolving credit facility. This will act the same as an ordinary overdraft, the report says.
“Our new business account is designed for small business owners who, by necessity, need to be in charge of finance, human resources, marketing, etc., often on the same day,” said the executive chairman of Just Cashflow. John Davies. “That means they may miss the telltale signs that signal they’re about to run into cash flow problems.”
The rollout is particularly important as many traditional banks have closed their doors to new customers due to administrative requirements related to the UK offer Repay loans to current customers. Thus, SMEs need more options, the report says.
The Just Cashflow account is accessible via the Internet and the mobile application. It also has UK-based phone support.
In separate news, Railsbank has reached a deal to buy UK services for wirecard, the disgraced payment processor that sank into insolvency over the summer after a global scandal. Railsbank will acquire card technology, customers and certain employees, PYMNTS reported. Nigel Verdonco-founder and CEO of Railsbank, called the deal a “big step forward”.
“Our goal is to provide a safe haven and provide uninterrupted service for the [program] managers and cardholders,” he said. “We have already successfully migrated a number of customers and have everything in place for a gradual and controlled migration at scale.