The Co-operative Bank has launched a new Financial Manager online banking service that it says is specially designed to help businesses to pool money, aid reconciliations and better manage money on behalf of clients by allocating virtual accounts.
Aimed at solicitors, accountants, charities, wealth management and property companies, in the private and public sectors, the Financial Manager virtual account gives users more control over clients’ money and provides access to an unlimited number of online accounts, which can be grouped together under an individual person, company or charitable name.
Users of the white-label type service can make and receive payments or issue cheques against each virtual account. Other claimed benefits include:
• The ability to generate income by pooling funds held in accounts to take advantage of higher rates of credit interest available on larger balances; and an option to set varying interest rates on virtual accounts.
• Facility to generate customised reports.
• Facility to allocate account names and references so that they can be matched simply to those on company records for reconciliation purposes.
Commenting on the launch, Dave Matkin, head of corporate business development at the Co-operative Bank, said: “Financial Manager is an online complete end-to-end customer money management package that gives the company full control over its clients’ money. It allows a business to segregate client funds easily and efficiently, to complete reconciliation, reduce staff costs and time, and improve the service they provide to their customers.”
Financial Manager is also encrypted as part of the Co-op Bank’s drive to try and provide full security for customers, alongside with secure login facilities. The bank also says the online solution complies with all relevant Financial Services Authority (FSA) money-management rules, concerning screening, laundering and so forth.