U.K.-based specialist lender Just Cashflow, working with FinTech Railsbank, is rolling out its own business banking account program for small- to medium-sized businesses (SMBs), according to a report from AltFi.
The program will focus on the features usually expected from such a product these days, including a sort code, debit cards, quick payments standing orders and data sharing with accountancy pages from Xero, Sage and A3, the report stated.
There will also be other features like auto-logging of expenses and a “tight integration with its credit facility,” according to AltFi.
In addition, Just Cashflow’s product will combine the account with a lender’s existing revolving credit facility. That will act in the same mode as a regular overdraft, the report stated.
“Our new business account is designed with small business owners in mind, who through necessity have to be head of finance, HR, marketing, etc., often all on the same day,” said Just Cashflow Executive Chairman John Davies. “This means they can miss the tell-tale signs that signal they may be about to have cash flow challenges.”
The rollout is especially important because many traditional banks have closed their doors to new customers due to the administrative demands of offering the U.K.’s Bounce Back Loans to current customers. So, SMBs need more options, the report stated.
The Just Cashflow account can be accessed through the internet and the mobile app. It also has U.K.-based telephone support.
In separate news, Railsbank worked out a deal to buy the U.K. services for Wirecard, the disgraced payments processor that sank into insolvency over the summer after a global scandal. Railsbank will acquire the card technology, clients and some employees, PYMNTS reported. Nigel Verdon, co-founder and CEO of Railsbank, called the deal a “huge step forward.”
“Our goal is to provide a safe haven and to deliver an uninterrupted service for the [program] managers and the cardholders,” he said. “We have already successfully migrated a number of clients and have everything in place for a phased and controlled migration at scale.”