UK-based NatWest Bank, a subsidiary of Royal Bank of Scotland, has developed a new mobile application in collaboration with US-based start-up SpendLabs to allow real-time monitoring of spending on company cards.
Named ClearSpend, the app will now allow the clients under NatWest Commercial Cards network to digitally manage their expenses by directly connecting to the card processor.
The app will provide transaction updates on real-time balance and credit limit information. Users can additionally utilise the app for account management activities such as setting of credit limits and merchant category blocking.
NatWest CEO of commercial and private banking Alison Rose said: “Administering a commercial card programme can be ineffective and time consuming, as customers do not always have access to the up to date information businesses need and customers are often required to call a help desk to make simple account changes. ClearSpend aims to solve that problem.”
The ClearSpend app was pilot-tested last year and improvements have been made based on the feedback received to provide better customer experience.
Rose added: “We will continue to develop the app as we go to make sure it is supporting businesses in the best possible way and helping them to operate safely and securely.”
Over the coming months, NatWest plans to make the app available for members of Royal Bank of Scotland, RBS International, Coutts and Ulster Bank Commercial Cards.